AUDUSD Up to the 61.8% Fib and then resume down
So I'm under the assumption that whilst the US Dollar takes a breather on poor NFP results and the AUSSIE Dollar is performing well that we might see this pair which as high in between the 0.755-0.76 price area.
Reasons are:
1.) The US Dollar is weak although the mention of a rate hike this summer has given it a chance for buyers to price that in and therefore I expect it to resume climbing north
2.) The AUD is strong and has had a strong Q1 announced today, but I expect the influence of China's industrial impact to take its toll in Q2
3.) The AUDUSD is in a downtrend on the weekly/daily
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Reasons are:
1.) The US Dollar is weak although the mention of a rate hike this summer has given it a chance for buyers to price that in and therefore I expect it to resume climbing north
2.) The AUD is strong and has had a strong Q1 announced today, but I expect the influence of China's industrial impact to take its toll in Q2
3.) The AUDUSD is in a downtrend on the weekly/daily
For more info, follow me on here, twitter or at www.ejfxtrading.com