AUD/USD analysis: under pressure ahead of Australian jobs data

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6927

After spending most of the day in a tight range, the AUD/USD pair came under renewed selling pressure and fell to its lowest level in 10 days at 0.6925 just before the New York closing bell, in a fresh bout of greenback demand. During the Asian session, Australia will release May employment figures. Consensus point to a 17.5K job gain and a slight decline in the unemployment rate from 5.2% to 5.1%.

From a technical viewpoint, the pair holds a clear short-term bearish tone, having broken 100-SMA in 4-hour chart, and indicators well in negative territory. However, as the RSI approaches oversold territory, some consolidation seems likely before another leg lower. A confirmation below 0.6930 20-day SMA, would pave the way to 0.6900 ahead of 0.6865, May lows. On the upside, if AUD/USD manages to recover the 0.7000 level, could get some relief and attempt to reach 0.7070 (100-day SMA).

Support levels: 0.6900 0.6865 0.6800

Resistance levels: 0.7020 0.7070 0.7120

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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