FxWirePro: AUD/USD rangebound above daily cloud, focus on U.S. NFP for impetus
AUD/USD chart - Trading View
AUD/USD was trading rangebound on the day as market mood turns cautious ahead of crucial U.S. NFP data.
The aussie ignores RBA's quarterly Monetary Policy Statement and upbeat Chinese PMI and trade data.
In its latest quarterly Monetary Policy Statement the Reserve Bank of Australia (RBA) remained committed to maintaining a highly accommodative monetary policy until at least 2024.
The central bank expected a pick -up in inflation and wage growth, and revised GDP higher to 4.34 in 2021 and 3.05 for the year 2022.
On the data front, Australia Service PMI rose to 61.0 in April from 58.7. While China's PMI data improved to 56.3, trade surplus expanded to USD 42.85 billion in April, far above the market expectations of USD 28.1 billion.
The major is struggling to extend previous session's gains and is consolidating above daily cloud.
Focus on U.S. NFP data for impetus. Analysts expect the US economy to add nearly 1 million jobs in April.
The Unemployment Rate is seen falling to 5.8% from 6% with the Labor Force Participation Rate also expected to improve from 61.5% in March on the back of easing coronavirus-related restrictions.
Pullback in price action has bounced off 55-EMA support and has retraced above 200H MA. Scope for further upside.