AUD/USD trading above 0.7500 ahead of RBA and NFP

• The main market-moving event coming up next is the non-farm payroll report and most importantly wage’s growth slated for Friday at 12:30 GMT. 
• The RBA is slated to release its monetary statement on Friday at 1:30 GMT and no big surprises are expected. 

The AUD/USD is trading at around 0.7526 up 0.45% in Thursday’s trading as the New York forex session is about to come to an end.

The Aussie is trading in a 60-pip range below the 0.7550 level as market participants are weighing the words of the FOMC statement released on Wednesday. The Federal Reserve Bank said that inflation was on track to the 2% target which would justify the monetary policy rate normalization. However,  the Fed sees inflation as “symmetric”. Analysts say that it implies that the Fed might allow inflation to run a bit high before moving rates, suggesting that there is no rush in the hiking process. 

The main market-moving event coming up next is the non-farm payroll and most importantly wage’s growth slated for Friday at 12:30 GMT. High volatility is expected especially in the USD-related pair.

Overnight, macroeconomic data from Australia was rather supportive for the Australian dollar. The AIG Performance of Services Index for April came in-line with market's forecast at 55.2, but below previous readings at 56.9 in March. Building Permits, the Trade Balance surplus, exports, and imports were all above expectations. However, the low-tier data will not affect the Reserve Bank of Australia’s monetary policy. The RBA is slated to release its monetary statement on Friday at 1:30 GMT and no big surprises are expected. 

In a recent statement, the RBA said it liked a weaker AUD: “The Australian dollar has depreciated a little recently, but on a trade-weighted basis remains within the range that it has been in over the past two years. An appreciating exchange rate would be expected to result in a slower pick-up in economic activity and inflation than currently forecast. Apart from noting its recent depreciation, this has been its standard statement for some time. The RBA is not against further depreciation of the currency, which would help lift inflation that is below its target range.”

AUD/USD 4-hour chart 

The main trend is bearish although bulls are trying to create a reversal up. Supports are seen at 0.7500 figure and at 0.7471 cyclical low while resistances are seen at 0.7544 and 0.7583 swing highs.