AUD/USD meanders around 0.7300 after a weaker Australian jobs report

AUD/USD extends its sharp decline for three days, from 0.7430 to 0.7300.
Australian Employment Change dropped 46.3K, and the unemployment rate jumped above 5%.
AUD/USD Technical outlook: A break under 0.7300 exposes the September 30 low at 0.7169.

Christian Borjon Valencia FXStreet

The Australian dollar slides for the third consecutive day, down 0.25%, trading at 0.7309 in the New York session at the time of writing. The AUD/USD traded within the 0.7314-40 range during the APAC session, but Australian economic data spurred the downfall.

Australian Employment Change dropped 46.3K, and the unemployment rate jumped above 5%

On Thursday, the Australian economic docket featured the Consumer Inflation Expectations for November, which rose 1% higher than in October, up to 4.6%, from 3.6% in October. The market ignored that data, but employment figures collapsed, triggering a sell-off on the pair. The Australian Bureau of Statistics revealed that Employment Change for October fell 46.3K, sharply lower than the 50K rise expected by analysts, spurring a jump in the Unemployment Rate, from 4.7% to 5.2%.

It is worth noting that the jobs survey was taken from September 26 to October 9, when lockdown restrictions in New South Wales were just being eased, while Victoria state was still lockdown.

Meanwhile, the US economic docket reported US inflation figures, which jumped above 6% for the first time in 30-years. It seems that AUD/USD traders priced in the move, as witnessed by price action stabilizing around the 0.7300-40 range. On Thursday, the US economic docket is light due to the observation of the US Veterans Day Holiday.

AUD/USD Price Forecast: Technical outlook

The daily chart shows that the pair tests the 0.7300, extending the downward move to three days. On its way down, it broke the 50 and the 100-day moving averages (DMA’s), which in tandem with the 200-DMA, indicates the AUD/USD pair has a downward bias.

On the way down, the first support level to break is 0.7300. A breach of the latter would expose the September 30 low at 0.7169, but an upslope trendline that travels from August 20 low towards the September 30 low, lie around the 0.7230-50 range, and act as support before reaching the September 30 low.

AUD/USD TECHNICAL SUPPORT/RESISTANCE LEVELS

Overview
Today last price	0.7302
Today Daily Change	-0.0024
Today Daily Change %	-0.33
Today daily open	0.7326

Trends
Daily SMA20	0.7453
Daily SMA50	0.7369
Daily SMA100	0.7375
Daily SMA200	0.7548

Levels
Previous Daily High	0.7394
Previous Daily Low	0.7325
Previous Weekly High	0.7537
Previous Weekly Low	0.736
Previous Monthly High	0.7557
Previous Monthly Low	0.7191
Daily Fibonacci 38.2%	0.7351
Daily Fibonacci 61.8%	0.7368
Daily Pivot Point S1	0.7303
Daily Pivot Point S2	0.7279
Daily Pivot Point S3	0.7234
Daily Pivot Point R1	0.7372
Daily Pivot Point R2	0.7417
Daily Pivot Point R3	0.7441

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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