- 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:
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