AUDUSD Current Price: 0.6690
- Australian employment figures beat the market’s expectations but fell short of supporting the AUD.
- US stocks trimmed most of their intraday losses ahead of the daily close.
- AUDUSD at risk of falling further after losing the 0.6700 threshold.
The AUDUSD pair fell on Thursday amid risk-off flows and despite encouraging Australian data. The pair settled around 0.6690 after bottoming for the day at 0.6633, a fresh weekly low. The pair bounced in the American session as Wall Street managed to erase much of its intraday losses ahead of the close. Nevertheless, global stocks traded with a sour tone, underpinning the greenback.
Australia added 32.2K new jobs in October, much better than the 15K anticipated by the market. Furthermore, the country created 47.1K new full-time positions, while part-time jobs declined by 14.9K. Also, the unemployment rate declined from 3.5% to 3.4%, beating expectations of 3.6%, while the participation rate held steady at 66.5% in the month. The Oceanic country's macroeconomic calendar will remain empty on Friday, while the US will release minor housing-related figures.
AUDUSD short-term technical outlook
From a technical perspective, the daily chart for the AUDUSD pair suggests a bearish extension could be expected ahead of the weekend. The pair is ending the day below a mildly bearish 100 SMA, although the 20 SMA continues to advance below the current level. Technical indicators, in the meantime, ease from overbought readings, holding well above their midlines.
In the near term, and according to the 4-hour chart, the risk skews to the downside, although an upcoming decline is not yet confirmed. The pair has spent most of the day below a flat 20 SMA while the longer moving averages continue to advance below the current level. The Momentum indicator reaches fresh weekly lows within negative levels, while the RSI bounced but remains below its 50 line.
Support levels: 0.6635 0.6590 0.6555
Resistance levels: 0.6705 0.6740 0.6775
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.