What is the Expected AUD/USD Direction After the NFP Report?

 Although the US dollar moved positively in Thursday's trading, some major currencies such as the Australian dollar were seen to be able to record gains.

This was driven by the recovery in market sentiment following the upturn in the Wall Street market which gave a positive indication of the market.

But trading today (Friday) was seen to turn back with a strengthening display of the US dollar ahead of the approaching US NFP jobs report.

On the price chart the AUD/USD pair saw the price re -make a rebound in Thursday’s trading yesterday after the price plunged the previous day.

After hovering above the resistance level of 0.74000 in the New York session yesterday, the price started making a decline again below that level in the Asian session this morning.

The price, which also moved below the Moving Average 50 (MA50) barrier level in the 1 hour time frame of the price movement, also gave a bearish signal.

The continued decline will lead to the support zone at 0.73300 after the price jumped from that zone at the market opening earlier this week.

Subsequently, the 0.73000 support zone will be tested for a lower price decline and the price reaction in that zone will be evaluated to be an indication of the direction of further price movements.

However, if the price manages to break the resistance zone of 0.74000 after the NFP jobs data report tonight, the bulls will target up to the 0.75000 high for the price to record the latest 3 -week high.

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