AUD/USD short position ahead of Aussie employment report
The AUD/USD may continue its downward movement, as the RSI remains in a bearish formation after weak Chinese CPI data and on forecasts the Fed might increase rates in June. The AUD/USD will support its short leg once it cuts the major support point 0.7530, targeting 0.7495, 0.7475 and 0.7440 as long-term support levels.
However, positive employment data might build a bullish momentum, and an uptrend will pave the way for a bullish movement when the pairs cut 0.7700, thus reaching 0.7740, 0.7770 respectively.
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