The AUDUSD bulls have managed to defend the big round number 0.7000 and the weekly close above the key psychological number should keep the pressure on the upside. On the downside, the intraday support level 0.7100 followed by last week low 0.7040 are the levels to watch for a reaction higher. On the upside, a break above the 200 EMA should signal a change in the momentum, but we would also need a break above the key resistance level 0.7200.
The stochastic indicator is moving away from overbought territory, so we need a full reset before more bullish momentum can be seen. There are some risks events scheduled on the Australian economic calendar that can disrupt the market volatility. Tuesday we have the RBA Meeting’s Minutes but the main risk event is on Thursday when we have the Unemployment rate.
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