We expected a 201K increase in the Non-Farm Payrolls on Friday, but received a disappointing figure of 142K. This called some whiplash movement in several U.S. Dollar pairs.
Aside from all that unwanted volatility, AUDUSD remains to be a very tradable pair. It tested a support zone and further break out above the wedge presents a good buying opportunity.
Despite the strong U.S. Dollar, the downward pressure on AUDUSD has not been able to sustain. The market closed off last week with a leg up and we can expect to see another leg up for the upcoming week. The ANZ Job Advertisement change comes out in two hours, but should not have a significant impact on this pair.
Last week retail sales climbed and met expectations at 0.4% and we can expect similar spendings to pick up in the upcoming weeks as we near holiday season. Keeping it towards a technical focus, we are expecting this pair to remain bullish in the upcoming weeks.