After a non-volatile bullish trend after breaking above the 0.7750-0.7830 resistance area, AUD/USD has shown some indecision yesterday. Yesterday AUD/USD Employment Change report was published with a decreased figure at 14.0k from the previous value of 38.0k which was expected to be at 14.4k, Unemployment Rate was unchanged at 5.6% as expected and NAB Quarterly Business Confidence report was also unchanged at 7. Due to these economic reports, AUD could not sustain the bullish bias in the market and lead to indecision with a daily close. Today RBA Assist Gov. Debelle and Bullock is going to speak about nation's key interest rates and future policy shifts which are expected to be quite hawkish today. On the USD side, yesterday Unemployment Claims showed a better than expected figure at 233k from the previous value of 248k which was expected to be at 245k and Philly Fed Manufacturing Index report showed decrease figure at 19.5 from the previous value of 27.6 which was expected to be at 23.4. Today we do not have any economic events on the USD side. To sum up, due to mixed economic reports recently on both sides AUDUSD is currently residing in an indecision situation which is expected to continue for short and medium-term period. As USD has been showing some positive report recently there is a higher chance of USD dominating AUD in the coming days.
Now let us look at the technical view, the price is currently showing some bearish evidence in the market after an indecision daily candle of yesterday. As the dynamic level, 20 EMA is quite away from the current price a mean reversion to the dynamic level is expected in the market which may lead the price to be bearish towards 0.7830-50 area before proceeding further upwards with the trend. As the price remains above the support area of 0.7750-0.7830 the bullish bias is expected to continue with a target towards 0.80 resistance level.
