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The AUDUSD continues to gravitate near the key 200 moving average in a very tight range. The first level of support comes at the 0.7107 level followed by the more important support located at the big psychological number 0.7000. The stochastic indicator has not yet reseated completely so we can expect at the next upside turn the bulls to show up again. The bullish trend can only resume if we break above 0.7205, but more importantly if we obtain a daily close above the key resistance level.
A break above 0.7205 can open the door for the bulls to get another leg higher. The Unemployment Rate scheduled to be released on Thursday is the only major risk event that can cause some volatility. According to the general consensus we should expect the unemployment rate to remain flat at 5.1%.
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