AUD/USD Price Analysis: Hidden bearish divergence into the Employment data
|- AUD/USD bears will gather additional convictions from HBD if the price drops in a jobs data disappointment.
- AUD/USD bulls need to see the trendline resistance broken.
The Aussie jobs data will be released at the top of the hour and the following is an illustration that caters for both the bulls and the bears leading into the data.
AUD/USD hourly chart
The hidden bearish divergence is something that traders should be aware of in case there is a short to the downside.
The HBD will offer additional conviction to those seeking to short the Aussie should there be a disappointment in the data.
0.7320 will be key in this regard as it is the last defence following a potential trendline support break and a break there opens risk to a significant downside continuation in the coming sessions.
On the upside, the bulls will want to clear the trendline resistance with price already above the 50-EMA:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.