Taking into account that this market is entrenched within a steep uptrend at the moment, and is also seen retesting a weekly support at 0.8065, additional buying is likely in store. The next upside objective on the bigger picture can be seen at 0.8233-0.8159: a daily supply base which happens to house a weekly resistance within at 0.8224.
Ultimately, this market is likely headed above the 0.81 mark in the near term. A decisive H4 close above this number, followed up with a successful retest would, in our book, be enough to drag this market up to the aforementioned daily supply. Personally, we would not target much higher than this since over on the US dollar index , large monthly support is seen around the 88.50 region.
Data points to consider: AUD figures q/q at 12.30am; Chinese manufacturing PMI at 1am; US ADP non-farm employment change at 1.15pm; Employment cost index q/q at 1.30pm; US pending home sales at 3pm; US FOMC and Federal funds rate decision at 7pm GMT .