AUD/USD analysis: Aussie breaks lower, nears 0.7700 threshold
|AUD/USD Current price: 0.7724
- Soft Australian employment figures join forces with falling equities in detriment of the Aussie.
- AUD/USD at risk of retaking the bearish path if it can't regain the 0.7740 level.
Aussie bulls finally gave up and the AUD/USD pair fell to its lowest in over a week after reaching a 5-week high of 0.7812 during the past Asian session. The Aussie bared pretty well with poor Australian employment data at the beginning of the day, but for sure the numbers dented bulls' confidence. According to the official release, the country added just 4.9K new jobs well below the expected 21K amid a sharp loss n fulltime employment of 19.9K. The unemployment rate ticked down to 5.5% as expected, although the participation rate shrunk to 65.5% from the previous and expected 65.7%. Easing commodities and plummeting equities added to the pair's decline by the end of the day. The fact that it broke below 0.7740, has put at risk the bullish trend from earlier this month, and unless the pair quickly recovers the level, further slides are to be expected. Technical readings in the 4 hours chart support a bearish extension, as in the 4 hours chart, the pair has also broken below all of its moving averages, while technical indicators accelerate south within negative territory, leaning the scale to the downside.
Support levels: 0.7700 0.7765 0.7720
Resistance levels:0.7740 0.7785 0.7820
View Live Chart for the AUD/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.