AUD/USD has been quite volatile recently. The pair is currently expected to push lower in the coming days. Yesterday, The US Federal Reserve raised the funds rate to 1.75% from the previous value of 1.50% which confounded market expectations, so USD lost a good amount of grounds against AUD. Currently, USD is showing good bearish pressure which was quite impressive and expected to lead to further bearish bias in the market. Today, US Unemployment Claims report was published with an increase to 229k from the previous figure of 226k which was expected to decrease to 225k and HPI report showed an increase to 0.8% which was expected to be unchanged at 0.4%. Moreover, today USD Flash Manufacturing PMI report is yet to be published which is expected to slightly increase to 55.4 from the previous figure of 55.3, Flash Services PMI report is expected to be unchanged at 55.9 and CB Leading Index is expected to decrease to 0.5% from the previous value of 1.0%. On the AUD side, today Employment Change report was published which failed to meet the expectation of 19.8k and resulted to 17.5k increase from the previous figure of 12.5k and Unemployment Rate grew to 5.6% which was expected to be unchanged at 5.5%. To sum up, AUD failed to sustain the bullish momentum it gained recently due to downbeat economic reports. Besides, the Rate Hike in the US produced a false momentum creating weakness for USD.
Now let us look at the technical view. The price is currently residing below 0.7750 after the false break with a daily close yesterday. As for the current scenario, the price is expected to push a bit higher after the daily close today to retest 0.7750 and then proceed lower towards 0.7550 support area in the coming days. The price currently has 20 EMA dynamic daily resistance above the daily candle which indicates further bearish pressure in the future. As the price remains below 0.7750 with a daily close, further bearish pressure is expected.