The AUDUSD technical pattern remains bullish in the short-term. The next major resistance level and area of interest is the 0.7600 level from where we can see a correction of the current bullish run. On the downside we have first the big psychological number 0.7500 acting as support. Only a break and a daily close below 0.7500 will confirm the Aussie is already in correction mode.
With the stochastic indicator already in oversold territory we can expect one more marginal high and a retest of 0.7600 before the downside to resume. The Australian economic calendar will bring the Unemployment figures on Thursday. Based on the general consensus the Unemployment rate is expected to remain flat at 5.7% while the number of employed people is expected to rise by 10k down from 37.4k previous reading which should be negative for the AUDUSD exchange rate.
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