For now, we expect from the AUDUSD, to develop a lower high pattern, because this pair is overbought and a consolidation at current levels it is possible, but we must be very careful with the fundamental’s news in Australia for today’s session.
The AUDUSD broke a strong resistance level at 1.0486, with a long bullish candlestick, leading the aussie to be above the psychological level at 1.05. The next resistance level of 1.0566 is very important, because if the AUDUSD manages to do a breakout in this resistance, could visit the psychological resistance level of 1.08, in the long-term.
At 02:00 GMT, will be published the MI Inflation Expectations, which has a previous reading of 2.3% and at 02:30 GMT, will be published the Employment Change (Previous: 71.5K / Forecast: -6.7K) and Unemployment Rate (Previous & forecast: 5.4%). I think it’s very possible that the AUDUSD can do bearish movements due to the poor forecasts for Employment Change in Australia and if that happens, the AUDUSD could revisit the support at 1.0486, making room for fall to the uptrend line and to the 200 day moving average.
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