AUD/USD: Jobs-induced selling damages technicals (Bali) - AUD/USD is over 1 cent cheaper this Thursday, lowest at 0.8796 with a disconcertingly high number of full time jobs lost in Australia to blame for the new stampede of sellers.

Australian jobs data - ABS

Seasonally adjusted estimates (Dec change): Employment decreased 22,600 to 11,629,500. Full-time employment decreased 31,600 to 8,067,700 and part-time employment increased 9,000 to 3,561,800. Unemployment increased 8,000 (1.1%) to 722,000. The number of unemployed persons looking for full-time work increased 13,300 to 532,400 and the number of unemployed persons looking for part-time work decreased 5,300 to 189,600. The unemployment rate increased 0.1 pts to 5.8%, based on unrounded estimates. The participation rate decreased 0.2 pts to at 64.6%. Aggregate monthly hours worked increased 0.6 million hours to 1,634.0 million hours.

AUD/USD weekly analysis

Since the AUD/USD has penetrated into a fresh 3-year low, one has to refer to the weekly chart to spot the next key support, which comes at 0.8545/50 (50% fib retrac GFC low-all time high). From an ichimoku price theory, the break into new lows activates a new projected long term downside target with minimum target of 0.82. It is also worth noting the huge continuation bearish engulfing bar pattern on the weekly, indicating that the momentum should be on the side of sellers to continue making advances in the short term.

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