AUD/USD analysis: equities lead the way
|AUD/USD Current price: 0.7906
Following a strong start to the day, the Aussie edged lower against the greenback, retreating from a fresh 2-week high of 0.7962. The early advance was triggered by an improvement July employment figures, although full-time jobs decreased sharply. Nevertheless, the Australian Bureau of Statistics showed that the Australian economy created 27,900 new job positions (seasonally adjusted), exceeding the number of 20,000 expected, while the unemployment rate fell as expected to 5.6%, despite a modest uptick in the participation rate to 65.1%. Increasing risk aversion and falling stocks sent the pair lower in the US afternoon, now pressuring the 0.7600 level ahead of the Asian opening. The 4 hours chart shows that the price remains above a marginally bullish 20 SMA, while the Momentum indicator consolidates within positive territory, and the RSI turned lower, currently at 56, all of which makes possible a downward extension for the last day of the week that will gain downward momentum on a break below 0.7870, the immediate support.
Support levels: 0.7870 0.7830 0.7785
Resistance levels: 0.7935 0.7970 0.8010
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.