Instrument: AUDUSD
Bullish Preference:
A buy position is envisaged if the price trades above 0.64698 with take profit at 0.64779.
Bearish Preference:
A sell position is envisaged if the price trades below 0.64542 with take profit at 0.64416.
Fundamentals:
No major Fundamental
Comment:
Most Asian currencies kept to a tight range on Monday, while the dollar fell slightly as mixed U.S. jobs data cemented bets that the Federal Reserve will keep rates steady this month, with focus now turning to more economic cues from China.
While nonfarm payrolls data released on Friday read more than expected, the unemployment rate also rose, indicating some cooling in the U.S. labor market. This gives the Fed less headroom to keep raising rates, with markets now almost unanimously pricing in a pause in September.
This notion put some pressure on the dollar on Monday, with the dollar index and dollar index futures falling 0.1% each in Asian trade. But the greenback still remained close to three-month highs.
Analysis: SCRUM Team