Instrument: AUDUSD
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades below 0.73356 with take profit at 0.73044
Alternative scenario:
Buy position is envisaged if price trades above 0.73848 with take profit at key level 0.74080
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
Comment: Separate data from the Australian Bureau of Statistics showed Australia suffered its worst economic fall in quarterly domestic product on record last quarter as the coronavirus pushed the country into recession. On the Dollar front, Economic data published on Tuesday showed U.S. manufacturing activity accelerated to a nearly two-year high in August amid a surge in new orders, with the reading from the Institute for Supply Management highest level since November 2018.
Analysis: SCRUM Team