AUD/USD extends slide to 9-day lows near 0.6930 ahead of Australia jobs report


  • US Dollar Index rises toward the 97 mark.
  • Inflation in the U.S. softens more than expected.
  • Unemployment rate in Australia is expected to tick down to 5.1% in May.

After spending the majority of the day moving in a tight range near 0.6950, the AUD/USD pair came under a renewed selling pressure and fell to its lowest level since June 3 at 0.6928. As of writing, the pair was trading at 0.6932, losing 0.42% on a daily basis.

The recent fall witnessed in the pair seems to be caused by fresh demand for the greenback. Despite a lack of fundamental drivers, the US Dollar Index extended its daily recovery toward the 97 mark in the NA session and was last up 0.23% on the day at 96.95. Today's data from the United States showed that inflation, as measured by the Consumer Price Index (CPI), rose 0.1% and 1.8% on a monthly and yearly basis, respectively. Furthermore, the annual core CPI ticked down to 2% in the same period to miss the market expectation of 2.1%.

In the meantime, while responding to questions from reporters in a press conference in Poland, U.S. President Donald Trump said that he had a feeling that they will make a deal with China to revive the trade optimism and helped the greenback gain traction.

In the early trading hours of the Asian session, labour market data from Australia will be looked upon for fresh impetus. Previewing the data, "NAB is forecasting a strong report given the employment boost from temporary workers hired to run the federal election. We expect employment grew by 40k and the unemployment rate ticked down to 5.1% in May," NAB analysts said.

"If we are wrong and unemployment increases again, then the market would price in the risk of a July rate cut.” 

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6929
Today Daily Change -0.0033
Today Daily Change % -0.47
Today daily open 0.6962
 
Trends
Daily SMA20 0.6931
Daily SMA50 0.7016
Daily SMA100 0.7068
Daily SMA200 0.7119
Levels
Previous Daily High 0.6967
Previous Daily Low 0.6946
Previous Weekly High 0.7022
Previous Weekly Low 0.6927
Previous Monthly High 0.7062
Previous Monthly Low 0.6862
Daily Fibonacci 38.2% 0.6954
Daily Fibonacci 61.8% 0.6959
Daily Pivot Point S1 0.695
Daily Pivot Point S2 0.6938
Daily Pivot Point S3 0.693
Daily Pivot Point R1 0.6971
Daily Pivot Point R2 0.6979
Daily Pivot Point R3 0.6991

 

 

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