AUD/USD is residing inside a large corrective structure of 0.7160-0.7830 area. This pair has been quite volatile for a longer period and still the corrective structure is in play. Today AUD had AIG Services Index which was published with a surplus figure at 51.7. On the USD side, today we had high-impact ADP Non-Farm Employment Change report which published with a positive result at 263k which was expected to be at 184k and ISM Non-Manufacturing PMI report to be published which is expected to be at 57.0 which previously was at 57.6. A good amount of volatility already hit the market and until NFP report publishes on FRIDAY we might see the pair having greater volatility in this pair.
Now let us look at the technical view, the price is inside the corrective area and as of the current price situation the price is expected to show some bearish move towards the support level at 0.7490. If the price rejects the bears from 0.7490 we will be expecting a bullish move towards the resistance 0.7750 or else a daily close below 0.7490 will open the much lower support at 0.7160 level.
from www.instaforex.com
