AUD/USD used to be one of the most bullish pais during last year, as the USD was declining qute fast while the Australian Dollar was benefiting from the bullish run in risk assets. but the situation started to chanfge in the secojnd week of january.

The USD started reversing higher, while commodity dollars turned weakes. AUD/USD fell below the moving averages eventually as the USD gained some momentum. The 20 SMA (grey) has turned into solid resistance at the top, pushing ter price down.

We decided to open a sell forex signal below this moving average earlier this week, while today it rejected the price once again, forming an upside down pin candlestick, which is a bearish reversing signal. The price started to reverse lower, but the soft US jobs report sent the USD down and AUD/USD higher.

Although, the unemployment rate decline, but markets are focusing on the jobs numbers. For the moment the price has moved above the 20 SMA, but has stalled right now below 0.7630.