Short Term Longs Favoured in AUDUSD – Market Bullish Ahead OF FOMC Meeting
On Friday, a University of Michigan’s monthly survey reported that US consumer sentiment for June eased from one year high of 94.7 in the month prior to a reading of 94.3. Besides, the world’s largest economy was still subdued as weak data from the Non-farm payroll reports on June 03 reported that there were only 38,000 jobs created during the last month. The greenback is tiptoeing ahead of the FED meeting on monetary policy, which is scheduled to end on Wednesday. On the hourly chart, the Aussie is edging up against the greenback, leading the pair AUDUSD to climb higher after testing the support of 0.73580 early today. The stochastics chart shows that the pair is struggling around the threshold levels of overbought territory.
Buy stop at 0.74059, Stop loss at 0.73924, Take profit at 0.74256.