AUD/USD Forecast Today 07/02: Holds In Consolidation (Video)

(MENAFN- Daily Forex)

• The Aussie dollar has fallen a bit during the trading session on Thursday, but that makes sense because Friday brings in the non-farm payroll announcement and that obviously will have a major influence on where we go next.
• With all of that being said, we are still very much in consolidation, and it is interesting that we dropped only to see buyers again.
• I think most people are just not wanting to risk too much here, and I know I don't want to risk too much, but I do have some areas that I'm watching in the Australian dollar for signs of what I should be doing next.

After the non-farm payroll announcement, I'll be watching to see if the 50-day EMA holds as resistance. After that, I'll be watching to see if the 0.6350 level holds resistance.

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If we can break above 0.64, then I think we're going to see a very, very big move to the upside as it will kick off short covering rally type of trading. However, I think it's probably best to wait for the daily candlestick to close and call this a Monday trade unless the jobs number comes out extraordinarily hot. Right now, most people are looking for a number of roughly 169,000 jobs added in the United States. So if we were to get a number like 230,000, I think that would cause this to plunge.

EURUSD Chart by TradingView

At this point, I am looking to fade rallies, but I just don't have the setup yet, although we are getting close to the area where I'd be particularly interested. So with all that, the question remains, are we still in a downtrend? Right now, we are in a consolidation area, which typically happens before either continuation or a turnaround. So now, I'm watching this little box we're in for the next clues.

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