AUD/USD: Applying Pressure Against 71 cents

The Aussie keeps finding buyers and with good reason as intermarket has turned clearly bullish, not only from a micro standpoint but also from a macro (weekly) tendency basis.

The RBA minutes on Tuesday and the Australian jobs report on Thursday are the key events to inject volatility into the Aussie this week. Throw the FOMC in the US into the mix. Vol eyed.

Other than the market structure, which is more range-bound in nature, the rest of technicals and intermarket indicator, suggest finding cheap prices to buy at discount.

The clearest area to engage in buy-side opportunities at this stage is found at 0.7050, the midpoint of the range circa 0.7070 or alternatively a break and retest of 0.71.