AUD/USD analysis: rejected from critical resistance, bearish
AUD/USD Current price: 0.7415
The AUD/USD pair ends the day with a sour tone, holding above 0.7400 but down daily basis for the first time this week. The Aussie spiked up to 0.7466, its highest in two weeks, against its American rival, following the release of strong employment figures at the beginning of the day. According to official figures, Australian unemployment rate fell to 5.7% from previous 5.7%, despite the participation rate remained steady at 64.8%, this last beating expectations of 64.7%. 37,400 new jobs were added in the month, against 5,000 expected, although full-time employment was down 11,600 while part-time surged by 49,000, these lasts being the reason behind the unsustainable recovery. The sudden surge in the USD late US afternoon, put the pair under pressure, moreover after the failed attempt to surpass the daily descendant trend line coming from this year high of 0.7749. Technically, the 4 hours chart shows that the 20 SMA has turned flat while the price settled below it, as the Momentum hovers around its 100 level and the RSI turned south, now around 49, all of which anticipates additional declines particularly on a downward acceleration through 0.7390.
Support levels: 0.7390 0.7350 0.7320
Resistance levels: 0.7445 0.7490 0.7530
Author
Valeria Bednarik
FXStreet
Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.
