AUD/USD hammered down to near 11-year lows, further below mid-0.6600s


  • AUD/USD meets with some fresh supply on the disappointing Aussie unemployment rate.
  • The ongoing USD bullish run to multi-year tops further contributed to the bearish bias.

The AUD/USD pair added to its intraday losses and tumbled to fresh multi-year lows, around the 0.6630 region during the early European session on Thursday.

Following an early uptick to the 0.6700 neighbourhood, the pair came under some fresh selling pressure and added to this week's losses after the latest Aussie jobs report showed a higher than expected unemployment rate.

Aussie further weighed down by stronger USD

This coupled with the PBoC's move to cut its benchmark loan prime rate later on Thursday exerted some additional downward pressure on the China-proxy Australian dollar and contributed to the pair's sharp intraday slide.

The pair tumbled to its lowest level since March 2009 and was further pressurized by the ongoing US dollar bullish run. In fact, the key USD Index climbed to near three-year tops and remained supported by stronger-than-expected US economic data.

Meanwhile, possibilities of some short-term trading stops being triggered below the previous swing lows support near the 0.6660 region might have further contributed towards aggravating the bearish pressure around the major.

It will now be interesting to see if the pair is able to find any support at lower levels or the current fall marks a fresh bearish breakdown, setting the stage for an extension of the downward trajectory witnessed since the beginning of this year.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6632
Today Daily Change -0.0045
Today Daily Change % -0.67
Today daily open 0.6677
 
Trends
Daily SMA20 0.6729
Daily SMA50 0.6838
Daily SMA100 0.6829
Daily SMA200 0.6852
 
Levels
Previous Daily High 0.6708
Previous Daily Low 0.6664
Previous Weekly High 0.6751
Previous Weekly Low 0.6661
Previous Monthly High 0.704
Previous Monthly Low 0.6682
Daily Fibonacci 38.2% 0.6681
Daily Fibonacci 61.8% 0.6691
Daily Pivot Point S1 0.6658
Daily Pivot Point S2 0.664
Daily Pivot Point S3 0.6615
Daily Pivot Point R1 0.6702
Daily Pivot Point R2 0.6727
Daily Pivot Point R3 0.6745

 

 

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