Moves to the 100 bar MA on 4-hour chart.
Later in the new trading day, the Australian employment report will be released. The expectations are for the employment change to show a 20.0K increase. That is up from 14.0K last month. The unemployment rates is expected to remain unchanged at 5.6%.
Technically, the price has moved up to test the 100 bar MA on the 4-hour chart at 0.7923 (and moving above) on the dollar selling from the Fed minutes, and US political concerns. Earlier this week, the price fell to a low just above the natural support at the 0.7800. The low reached 0.7807 before rebounding.
Today the price has trended higher with the market moving above the 100 hour MA at 0.7862, and 200 hour MAs at 0.7883 respectively. ON Monday the 200 hour MA was tested and stalled. Today the market stalled around the level before breaking higher. That level will be eyed as support through the data later today (on a weaker report).
The bulls have taken more control. The next upside targets include the 50% at 0.7936 and then a trend line at 0.7947. A move above that will look toward 0.7967. This is the 61.8% of the move down from the end of July high.
The pair is more bullish going into the numbers today. That was more of a USD move. The employment numbers will need to support that bullishness in the new day.
