Weekly bias remains neutral. List of indicators applied on the 4 hours time-frame used for analysis includes:
Cross of Moving Averages 21 and 55 = Buy
Parabolic S.A.R = Sell
R.S.I = Sell
MACD = Sell
SSRC(customized stochastic) = Sell
Weekly Central Pivot Point Bias = Bearish
Candlestick formed from previous week = Neutral (Indecision bearish Doji)
Candlestick formed from previous month = Neutral (Indecision bullish Doji)
The pairs consolidation from 0.7625 supports extended last week and reached 0.7912. However it lost momentum since then and retreated. Initial bias is neutral this week first. Consolidation from 0.7625 might extend higher but should be limited by 0.8023 resistance and bring down trend resumption. Below 0.7738 minor support will turn bias back to the downside for retesting 0.7625 low first. A break and close below 0.7625 support will target next long term fibonacci level at 0.7182.
In the week ahead, Friday’s U.S. employment report will be closely watched, while AUD Interest Rate and Bank Rate Statement will be released on Tuesday. Economist are expecting a rate cut in the next meeting.