• AUD/USD has seen a strong rally from 0.6827 lows seen on Jan 15th after Aussie bulls bolstered by RBA's rates-on hold decision.
  
  
• The RBA monetary policy statement was a non-event and dismal retail sales further weighing on the Aussie.
  
  
• However, positive sentiment around the mining and resource stocks, on the back of rebound in commodities' prices is likely containing downside.
  
  
• 0.7320 is minor trendline resistance for the pair, we see a Doji in the Asian session, but MACD shows pair has further upside potential. 
  
  
• The highly influential US NFP report due later today is a major risk event today, the US economy is expected to have added 190K new jobs in Jan, compared to the 292K added in Dec, while the unemployment rate is expected to remain steady at 5%.
  
  
• According to the ADP report, a pre-cursor for the NFP data, private sector added 205K new jobs in Jan, slightly better than the 195K expected.
  
  
• If the release misses expectations, the most likely scenario will be another leg lower for the greenback. On the other side a strong divergence from expectations will be needed to actually help the dollar in recovering ground.
  
  
• AUD/USD is currently trading around 0.7188 levels, 0.7230 is immediate resistance on the upside, while 0.7140 (5-DMA) is support on the downside.
  
  

Recommendation: Go long on break above 0.7230, SL: 0.7150, TP: 0.7380