Fundamental vs. Technical 6.4
In focus this week are data from Europe and the United States as well as the all important U.S. employment report on Friday. And this would take some serious considerations as to what would weigh more and be the driving force to move the market.
For starters the Aussie first climbed as high as $0.9790 in the early Monday trading session, and currently trading correctively @0.9652. Initial support is seen at $0.9565 which represents a daily engulfing-bearish bar when the price closes below this support. It would take the lead by mid-week when the GDP figures will be release on Wednesday (June 05) As expected, a temporary relief recovery came through from a defined bearish trend and a continued decline is seen in today's price acction. A negative bias remains enforced until a clear direction would state otherwise from the USD that may come from the Non-Farm Payroll figures this Friday which would be the main catalyst for the market by then.
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