Fundamentals:- Although the economy has been improving lately, employment is a concern for the RBA and we are due those figures out this week. Another rate hike is looming from the USD and the deviance of the last NFP shows that the markets are still willing to invest heavily into the the dollar. With the RBA rate statement shedding more light on the Australian Economy this week and the NOn farm expected to tick back upto 185k I am looking for a pull back early in the week for further downside later on.
Technicals:- The recent drop has just stopped short of the December low at 7500. I think we can expect a retest of this level but at the moment the is oversold suggesting we could get a pullback before a retest of that level. get the full analysis on the BOAFX website