The AUDUSD has formed a Bullish Engulfing Bar (BUEB) on the daily chart. This BUEB is against the short term trend, but has formed sitting on a solid support level.
If price can break higher price may move into the next resistance. If however price moves lower we would look for the downtrend to continue and sell short on pullbacks higher.
During this session the Non Farm Payroll (NFP) is due to be released in the US. Leading into these announcements price is normally very quiet, followed by mayhem for about 15 minutes after the announcement. Depending on the NFP, price can move erratically either way on US pairs.
AUDUSD DAILY CHART – 7 SEP 2012
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