Aussie Dollar weakens as rising unemployment supports RBA pause

Gregor Horvat Wavetraders

In Australia, unemployment unexpectedly rose from 4.3 to 4.5 percent, which is additional data suggesting that the RBA could remain on hold with future rate decisions, and that is something that could keep Aussie limited on the upside. We still see the market trading in wave B within a bearish trend after that five wave decline in wave A, but the recovery for wave B could still become a bit more complex. A very important resistance zone on rebounds could come around the 0.7150 to 0.7170 area near previous swing highs and lows.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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