Manufacturing activity in the U.S. unexpectedly expanded at a faster pace in January, with the ISM index advancing to 58.4 from 55.9 in the previous month to mark the highest pace of growth since August 2004.

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The New Zealand dollar halted the four-day and is the best performing currency on the greenback on Monday, while the Japanese Yen extended its decline following the better-than-expected U.S. data.

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The AUD/USD may present a scalping opportunity with the RBA rate decision looming. Market participants may be reluctant to make bets ahead of the event. Especially considering that expectations are for a 25 bps rate hike which would be supportive of the pair, which is currently in a bearish trend. The contrasting sentiments could lead to further consolidation once initial volatility dissipates. Currently, the pair is seeing support from a Fibonacci retracement and is testing a short –term declining trend line which is creating an ideal scalping environment. 

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While the AUD seemed to weaken at the end of last week, we are seeing some strength this morning.

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