Daily U.S. Session Watchlist: AUD/USD

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Uncle Sam is about to publish the ISM manufacturing PMI, and this might have clues for the much-awaited NFP release.

Will AUD/USD bounce or break from current levels?

Before moving on, ICYMI, today’s Asia-London session watchlist looked at EUR/AUD’s resistance area on the release of the eurozone flash CPIs. Be sure to check that out if it’s still a valid play!

And now for the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • BOE Governor Bailey’s speech at 8:00 am GMT
  • U.S. Challenger job cuts at 11:30 am GMT
  • U.S. ISM manufacturing PMI at 2:00 pm GMT
  • OPEC-JMMC meetings ongoing

What to Watch: AUD/USD

AUD/USD 1-hour Forex Chart
AUD/USD 1-hour Forex Chart

AUD/USD is hanging out right at the support level around the .7500 major psychological mark, and the upcoming catalysts could determine if the floor would hold.

Can buyers defend current levels?

Technical indicators are looking mixed, as Stochastic is pulling out of the oversold region to suggest a return in bullish pressure. However, the 100 SMA is attempting a bearish crossover from the 200 SMA to hint that support might break.

The U.S. Challenger job cuts and ISM manufacturing PMI reports are up for release, and these would likely serve as a good preview of the June NFP release.

Dollar bulls might still be hoping for signs of a pickup in the jobs market, which could boost Fed tapering and tightening expectations. On the flip side, another downside surprise could mean another set of losses for the Greenback.

If the latter is seen, AUD/USD could bounce right back up to nearby resistance zones, including the dynamic inflection points at the moving averages.

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