AUD/USD entered the corrective structure of 0.7600-90 again after a false break upwards. There is too much volatility going on in this pair without any clear bias. Today the AIG Manufacturing Index data showed the figure of 59.3, up from 51.2; and commodity prices decreased to 56.0 from 57.1. Today the ISM Manufacturing PMI reports revealed the mark of 57.7 (56.2 forecast) and the Crude Oil Inventories report met the forecast of 1.5M. After the USD events the volatility increased in this pair, and currently the price is between the corrective structure.
Now let us look at the technical view. The market is currently very volatile and the price is residing inside the corrective structure of the 0.7600-90 area. Currently there is no clear bias in the market and bias will only take over if the market breaks over the resistance 0.7690, and we will be bullish; and if the market breaks below 0.7600, we will be bearish. A daily close above or below the resistance and support will be much preferable in this case.
