AUD/USD pausing near 0.72 ahead of the Australian employment report

Aussie recovery on the temperate side as traders buckle down for a mild jobs report.
The AUD/USD is testing into late 2016/early 2017 lows as the US Dollar continues to grind higher.

Joshua Gibson FXStreet

The AUD/USD is trading into 0.7240 heading through Thursday's overnight session after a very mild rebound on Wednesday that left the Aussie barely off of recent lows as AUD traders await the latest employment figures from Australia.

This week has seen the Aussie mark in an all-new twenty-month low against the US Dollar, and the major pair is now edging into early 2017's bottoms. Thursday brings the Australian Unemployment Rate at 01:30 GMT, where job growth is expected to cool off somewhat after a bumper reading in the previous period, but recent wage growth and job ad figures have been softer than expected, and markets are expecting an equally-sluggish output for today's jobs report.

AUD/USD levels to watch

The Aussie's 'bounce' on Wednesday left much to be desired for AUD bulls, and as noted by FXStreet's own Valeria Bednarik, "in the 4 hours chart, the latest recovery was barely enough to leave technical indicators flat well into negative territory, while the price remains far below all of its moving averages, with the 20 SMA maintaining its strong downward slope. A steeper decline should be expected on a break below 0.7190 with scope then to extend its decline toward the 0.7150/60 region, where the pair has relevant monthly lows from 2016."

Support levels: 0.7190 0.7155 0.7110

Resistance levels: 0.7265 0.7300 0.7330

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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