AUD/USD is trading at 0.66847, 0.09% down since previous day close. The selling pressure can be seen in Aussie against the steady USD as investors remain cautious ahead of U.S NFP data release event later in this week. Also, ongoing economic instability in China led selling bias in Aussie since Australia & China are the trading partners. The country’s Retail Sales fell by 0.2% from 0.6% in the previous month which further led weakness in AUD/USD. The result of AIG Manufacturing Index will remain in focus in this week. As seen in the chart, the pair successfully crossed over the Fibo level 50.0 & is hovering near major Fibo level 61.8. A sharp breakout or a reversal can be seen on short term basis. Wait & watch strategy may be adopted for the day in AUD/USD.

JAP225 is trading at 28133.8, 0.01% up since previous close. The Asian shares seem to be trading sideways amid ongoing protest in China over zero-Covid policy concern. Earlier, the markets traded on higher side after FOMC Minutes showed the high chances of slower rate hike stance in the near future considering the progress in inflation rate. The Tokyo Core CPI grew by 3.6% against expectations 3.5% which cushioned the JAP225 to some extent. The result of Japan’s Retail Sales data will be closely monitored in this week. As seen in the chart, the index seems to be trading near resistance of previous highs & is also trading strongly near MA (100) which shows the chances of strong breakout if upside prevails on short to medium term basis.

Natural gas is trading at $7.251, 0.03% down since previous close. The profit booking can be seen in Natural gas prices following an upside seen in the previous week. The prices saw an upward momentum post release of EIA report which showed a fall in Natural Gas inventory level by 80B weaker than previous build-up of 64B. This revealed a lesser storage supplies against the rising demand. The change in climatic conditions in U.S & European regions resulted into a sharp rise in consumption demand of heating fuels like Natural gas. As seen in the chart, the commodity reversed up after forming the double bottom & also, crossed over the Moving Averages of 10 & 20. Buying on lower side may be seen for the day.