AUDUSD 1 hour chart

Risk trades are moving in tandem today as the market bounces around in the aftermath of the non-farm payrolls. Are we more worried about growth or inflation?

At the moment, there's a general sign of relief and I think AUD/USD benefits from China stimulus spending as much as anyone. Earlier this week, a report suggested a pull-forward of $220 billion in infrastructure spending to this year from next.

The technicals are a big part of the equation here with four attempts to break 0.6270 failing this week. We're seeing a solid bounce from that now. It will need to get to 0.6900 to father any real momentum so that's where I'm watching.