AUD/USD: technically bearish, 0.7965 key

AUD/USD Current price: 0.7992

The AUD/USD pair got a nice boost at the beginning of the day from better-than-expected Australian employment figures, but was unable to hold on to them, as Chinese data missed, whilst the greenback seems to be back in fashion in the European session, and ahead of US inflation data. In Australia, employment rose by 54,200 beating expectations of 20,000 new jobs, whilst the unemployment rate remained steady at 5.6%, despite the participation rate rose to 65.3%, the highest in five year. In China, however, and for August, Retail sales, Industrial Production and FDI, all came below expected and below July's readings, fueling fears the economy may slowdown at the beginning of the third quarter.

Hovering below the 0.8000 figure, the 4 hours chart for the pair  presents a clearly bearish bias, as the price is firmly below a bearish 20 SMA, whilst technical indicators were rejected from their mid-lines earlier today and head south strongly. A key support comes at 0.7965, with a break below it probably resulting in a downward acceleration.

Support levels: 0.7965 0.7930 0.7295

Resistance levels: 0.8030 0.8060 0.8100

View Live Chart for the AUD/USD

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