AUDUSD at 2-Week Lows After Jobs Data Disappointment
AUDUSD continues the corrrrection started three days ago from 6-week highs; today’s jobs data disappointed traders as the Australia Unemployment Rate s.a. came in at 5.3% higher than expectations of 5.2% for August, the Employment Change came in at 34.7K better than forecasts of 10.0K while the Participation Rate came in at 66.2% topping expectations of 66.1% in August.
AUDUSD trades at two-week lows hitting the daily low at 0.6779 but the price has stalled at 50% Fibonacci retracement of the rebound from September lows at 0.6687. The short term technical outlook is bearish now as the pair trading below all major moving averages. On the downside, first support for AUDUSD stands at 0.6779 today’s low, then at 0.6738 the lower band of the August consolidation area (yellow rectangular in the chart), which if breached will open the way for a visit down to 0.6688 the low from August 26th. On the upside, resistance stands at 0.6830 today’s high while more offers will emerge at 0.6842 the 50-day moving average. AUDUSD needs a convincing break above 0.6842 that might push prices up to 0.6900 the 100-day moving average.