AUD/USD analysis: remains vulnerable around 0.6900
|AUD/USD Current Price: 0.6915
The AUD/USD fell on Thursday and hit its lowest level in almost 2 weeks at 0.6901, weighed by Australian employment data, which came in mixed, with higher job gains but a higher unemployment rate as well. The Australian Bureau of Statistics on Thursday announced that employment increased by 42.3K in May, much more than the 17.5K expected and following April's revised gain of 43.1K. However, the unemployment rate remained steady at 5.2% to come in slightly worse than the market expectation of 5.1%.
Technically speaking, the pair holds a clear short-term bearish tone in 4-hour charts that has translated to daily as well. However, the RSI in 4H shows oversold conditions which might indicate some consolidation ahead. Below the 0.6900 psychological level, next target would be 0.6865, May lows. On the other hand, 0.6940 is the short-term resistance to overcome, where the 20-SMA is crossing upside-down the 100-SMA in 4H. Further resistances are seen at 0.7000 and 0.7060 (100-day SMA).
Support levels: 0.6865 0.6825 0.6800
Resistance levels: 0.6940 0.7000 0.7060
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