Fundamental Analysis of AUD/USD for August 3, 2017

AUD/USD is currently going through the volatile corrective structure which seems to be paused the gain on AUD against USD recently. Due to recent AUD Cash Rate decision remained unchanged at 1.50% discussed at the RBA Rate Statement the currency is expected to be quite weak in the coming days. Today AUD Trade Balance report was published with the worst figure at 0.86B from the previous figure at 2.02B which was expected to be at least at 1.78B. Currently due to exceeding imports and decreased exports AUD is losing some grounds which is expected to be consistent in the coming days as well. On the USD side, today Unemployment Claims report was published with a positive decreased figure at 240k from the previous value of 245k which was expected to be at 242k, ISM Non-Manufacturing PMI report was published with worst figure at 53.9 from the previous figure of 57.4 which was expected to be at 56.9 and Factory Orders showed good increase to 3.0% from the previous value of -0.3% which was expected to be at 2.9%. USD has shown mixed reports with the economic reports today which was found quite positive ahead of NFP report being published yesterday. As of Unemployment Claims showing some positive change which is expected to lead to better NFP Employment Change report to be published recently. USD is expected to gain more against AUD in the coming days before the bullish trend continues to climb again in this pair.

Now let us look at the technical view, the price is currently quite volatile and corrective ahead of NFP report tomorrow. Currently, the price is expected to reach the support area of 0.7750-0.7850 before proceeding higher towards 0.8050 with a bullish pressure in the coming days. As the price remains above the support area the bullish bias is expected to continue further in this pair.

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The material has been provided by InstaForex Company - www.instaforex.com