The bearish trend in AUD/USD seems to continue again after a corrective growth towards the resistance at 0.75. Today the Australian AIG Manufacturing Index was published with a reduced figure at 54.8 which previously was at 59.2. The Australian Private Capital Expenditure showed a rise of 0.3% which previously was at -1.0%. These reports put the aussie under pressure. Besides, the Australian Retail Sales report showed a growth of 1.0% which was expected to be at 0.3%. Previously, the reading was at -0.2%. Though Australia published mixed reports today, AUD could not gain against USD. A spike and rejection of the bulls in the market signal that USD may extend profits against AUD in the future. The United States will unveil the ADP Non-Farm Employment Change data which is an important economic indicator as it represents the conditions in the jobs market. Currently the positive figure is expected to be at 181k which previously was at 177k. The unemployment claims report is also going to be published. It is expected to rise to 239k from the previous value of 234k. If the Unemployment reports comes positive, further USD gains in this pair can be observed in future. Along with the employment reports, the ISM Manufacturing PMI is due to be delivered today which is expected to have a slight change to 54.7 from 54.8. Furthermore, the Crude Oil Inventories report is expected to show a lower deficit to -2.7M which was at -4.4M previously. Overall, a good number of economic reports is going to be published on the USD side which is expected to help USD to gain more against the AUD today. Though a good amount of volatility can be observed during the economic events, USD is expected to have an upper hand over AUD.
Now let us look at the technical view. The price is currently below 0.7420 after rejecting off 0.7500 resistance area. The volatile bearish trend is developing. The price is currently expected to reach 0.7160 support level if it remains below 0.7420 with a daily close today. The bearish bias will continue as long as the price holds below 0.7500.
