AUD/USD Current price: 0.7929
- Australian employment figures beat expectations in January.
- Dollar correcting higher, but at risk of resuming its decline in the US afternoon.
The AUD/USD pair got well into the 0.7900 area, getting a boost during the Asian session from Australian employment data. The Australian Bureau of Statistics reported that the economy added 16,000 new jobs in January, while the unemployment rate resulted at 5.5%, from a previous revised 5.6%. On a negative note, full-time jobs decreased by 49,800. The AUD/USD pair traded as high as 0.7966, its highest since Feb. 2nd, retreating ahead of US releases which include a couple of Fed regional manufacturing indexes, weekly unemployment claims, and industrial production.
The 4 hours chart shows that technical indicators are retreating from overbought readings, suggesting the ongoing downward corrective movement can extend during the next hours, towards the 0.7890 price zone, where the pair has the 38.2% retracement of its December/January rally, alongside with the 200 EMA in the mentioned chart. The 20 SMA, maintains a sharp upward slope below the level. The greenback tends to appreciate ahead of the US opening, to later resume its decline, after all data is out, lately.
Support levels: 0.7920 0.7890 0.7850
Resistance levels: 0.7965 0.8000 0.8040
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