AUD/USD analysis: unable to regain 0.8000, biased lower

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7986

The AUD/USD pair ended the day flat below the 0.8000 level, trimming its early gains and having posted a lower low daily basis of 0.7956. The Aussie got a boost at the beginning of the day from better-than-expected Australian employment data, as the economy added 54,200 new jobs in August, more than doubling the 20,000 expected. The unemployment rate remained steady at 5.6%, despite the participation rate surged to 65.3% from previous 65.1%. Denting AUD's strength where Chinese macroeconomic figures, as in August, retail sales were up by 10.1%, below previous 10.4%, while industrial production advanced by 6.0%, against previous 6.4%. Both figures came also below market's expectations. From a technical perspective, the pair is biased lower, as in the 4 hours chart, the price is well below a bearish 20 SMA, whilst technical indicators hover within negative territory, pretty much since the week started. Downward strength should be more evident once the pair breaks below the 0.7960 region, the immediate support.

Support levels: 0.7960 0.7930 0.7900

Resistance levels: 0.8000 0.8035 0.8065

View Live Chart for the AUD/USD

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.

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