AUD/USD: offers persist ahead of nonfarm payrolls and Chinese data

AUD/USD is currently on the offer within the broader bearish trend from late 2014 business, albeit recovering from March 2016 supply and till within the rising 2016 channel. 

AUD/USD recovered from 0.6826 early Jan sell-off to 0.7834 the 2016 high, down to 0.7148 before 0.7599 earlier this month. The price is being driven by Central Banks, the RBA and Fed. However, it is not so much the Fed that is driving the dollar, for the Fed isn't actually doing anything, but the Fed officials are more outspoken these last months saying that a Fed hike is a possibility while the RBA have taken action and cut interest rates to the lowest levels in history with a more dovish and mixed stance. The Fed have stated that they are data dependent and this week has the nonfarm payrolls while for the Aussie, we await the Chinese data while RBA's Debelle's speech about the global FX code of conduct didn't offer markets anything to go by.

AUD/USD levels

With spot trading at 0.7515, we can see next resistance ahead at 0.7518 (Hourly 20 EMA), 0.7531 (Daily Classic PP), 0.7535 (Daily High), 0.7561 (Daily Classic R1) and 0.7567 (Hourly 100 SMA). Support below can be found at 0.7511 (Weekly Classic S1), 0.7510 (Monthly Low), 0.7510 (Weekly Low), 0.7510 (Daily Open) and 0.7500 (Yesterday's Low). Looking to candlestick patterns, we can see a Dark Cloud Cover formation on the 1-hour chart and a Doji and Hammer formation on the 4-hour chart.

Is there nothing more than the Fed? Please, let's get real