Quarterly CPI came out soft and Aussie declined across the board + China Flash PMI despite an increase from 48 to 48.3 was still seen as weak. In line with this chart, next support is likely to come in around 0.912 - 0.92 levels. 6 days for NFP data before the next big move. Also on the same day (02/05) Aussie PPI will be released as well.
Note that on 01/05 we get China manufacturing PMI which is yet another risk to AUD.
A retracement to 0.93 is ideal to short or to add to the position, provided it comes in before this Friday or by next Tuesday at the latest. It will be more valid if AUDUSD declines more, bounces off the lower channel line and then continues its decline picking up from 0.93.
The next 6 days will be critical to the AUDUSD as in the past we see how this pair usually deviates from its direction only to pick up the original direction from the NFP release day.
The way I see it.. if Aussie retraces to 0.93 before NFP release then it comes in line with the overall view. A drop to 0.912 regions and then pick up from NFP day (unless NFP is 'Extremely' bullish, which includes bullish revision to the past, better than expected jobs and unemployment rate).
Note that on 01/05 we get China manufacturing PMI which is yet another risk to AUD.
A retracement to 0.93 is ideal to short or to add to the position, provided it comes in before this Friday or by next Tuesday at the latest. It will be more valid if AUDUSD declines more, bounces off the lower channel line and then continues its decline picking up from 0.93.
The next 6 days will be critical to the AUDUSD as in the past we see how this pair usually deviates from its direction only to pick up the original direction from the NFP release day.
The way I see it.. if Aussie retraces to 0.93 before NFP release then it comes in line with the overall view. A drop to 0.912 regions and then pick up from NFP day (unless NFP is 'Extremely' bullish, which includes bullish revision to the past, better than expected jobs and unemployment rate).
