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May job numbers showed a 280,000 gain, which was well above estimates in the 225,000 region. This data also came with revisions higher for March and April, adding to the bullishness of the greenback.
As a result there were some interesting moves in USD crosses and I feel AUD/USD and USD/JPY will be the key ones to watch this week.
AUD/USD is testing support in the $0.7600 region to start off the week and there is plenty of interesting data to keep traders on their toes. NAB business confidence, ANZ job ads, home loans, and China CPI will set the tone.
A break of support in the $0.7600 region could see us head back to April lows in the $0.7530 region and could be the trigger for shorting momentum plays. Meanwhile, USD/JPY continues to test new cycle highs in the 125.85 region and remains within striking distance of 126.00.
The trend remains overwhelmingly strong and I feel traders will be looking to buy the dips in this pair. There is some support in the 124.25 region and I feel that’s where buyers might step in.