NFP analysis for the first Friday of the month! The expectation is for an increase of 295K with last month released at 528K (The previous month's forecast was 250K). And relatively unchanged in terms of the unemployment rate and average hourly earnings. If the data is released better than expected, the USD should strengthen.
The AUDUSD is currently retracing from the overnight's move lower, with price currently at the 0.68 level.
If the DXY strengthens, look for price to close below the 0.6725 level before a sustained move to the downside, towards 0.6680 support level.
But if the data fails to surprise or the DXY weakens, the AUDUSD could climb higher towards the 0.6843 level. Not idea to try buying the AUDUSD to the upside. Would be better to stay out.
The AUDUSD is currently retracing from the overnight's move lower, with price currently at the 0.68 level.
If the DXY strengthens, look for price to close below the 0.6725 level before a sustained move to the downside, towards 0.6680 support level.
But if the data fails to surprise or the DXY weakens, the AUDUSD could climb higher towards the 0.6843 level. Not idea to try buying the AUDUSD to the upside. Would be better to stay out.
