AUD/USD analysis: failure at 0.7700 favors a decline to 0.7450/0.7530
|AUD/USD Current price: 0.7627
The AUD/USD pair gave back all of its last two days' gains, pulling back from a daily high of 0.7734 achieved at the beginning of the day. The Aussie was hit by worse-than-expected September employment figures, with full-employment dropping by 53,000 and part-time jobs up by 43,200. The total employment fell by 9,800 against expectations of a 15,200 increase, while the unemployment rate remained steady at 5.6%. Adding pressure over the antipodean currency was a decline in commodities' prices, with both, gold and oil shedding ground. The pair accelerated its decline during the US afternoon, following better-than-expected US housing figures, ending the day not far from a daily low of 0.7624, and looking poised to extend its slide, technically speaking. The pair has failed multiple times over the past few months to extend gains beyond the 0.7700 figure, and ended up retracing towards the 0.7450/0.7530 region afterwards, something that will become more likely with a weekly close below 0.7600. In the 4 hours chart, technical indicators maintain their bearish slopes well below their mid-lines, whilst the price is now far below its 20 SMA, supporting the bearish case for this Friday.
Support levels: 0.7680 0.7640 0.7600
Resistance levels: 0.7730 0.7770 0.7810
View Live Chart for the AUD/USD
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