AUD/USD renews multi-year lows below 0.6620


  • Mixed labour market data from Australia weighs on AUD.
  • US Dollar Index closes in on 100 handle.
  • Coming up: Philly Fed Manufacturing Index from US and Commonwealth PMI report from Australia.

The AUD/USD pair, which came under bearish pressure earlier in the week on the RBA's dovish meeting minutes, continued to push lower on Thursday amid a combination of mixed labour market data from Australia and broad USD strength. As of writing, the pair was trading a little above the lowest level it touched since March 2009 at 0.6619, erasing 0.75% on a daily basis at 0.6625.

Unemployment Rate in Australia rises

The data published by the Australian Bureau of Statistics on Thursday revealed that the Unemployment Rate in January rose to 5.3% from 5.1%. On a positive note, Fulltime Employment in the same period increased 46.2K after declining 1.8K  in December. According to Reuters, following the labour market data, Commonwealth Bank of Australia now sees the RBA cutting its policy rate from 0.75% to 0.50% in April.

In the early trading hours of the Asian session, the Commonwealth Bank's Manufacturing and Services PMI will be looked upon for fresh impetus.

On the other hand, the dismal performance of major European currencies and the JPY since the start of the week allows the greenback to continue to gather strength. Ahead of the weekly Jobless Claims and the Philly Fed's Manufacturing Survey, the US Dollar Index is up 0.27% on the day at 99.87.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3257
Today Daily Change 0.0027
Today Daily Change % 0.20
Today daily open 1.323
 
Trends
Daily SMA20 1.3241
Daily SMA50 1.3145
Daily SMA100 1.318
Daily SMA200 1.3216
 
Levels
Previous Daily High 1.3264
Previous Daily Low 1.3215
Previous Weekly High 1.333
Previous Weekly Low 1.3236
Previous Monthly High 1.3255
Previous Monthly Low 1.29
Daily Fibonacci 38.2% 1.3234
Daily Fibonacci 61.8% 1.3246
Daily Pivot Point S1 1.3208
Daily Pivot Point S2 1.3187
Daily Pivot Point S3 1.3159
Daily Pivot Point R1 1.3258
Daily Pivot Point R2 1.3286
Daily Pivot Point R3 1.3307

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD recaptures 1.10 as dollar suffers a fresh sell-off

EUR/USD is trading above 1.10, recapturing the level as the dollar retreats. After a three-day rally, stocks are cooling but the safe-haven dollar is still under pressure. Coronavirus headlines are eyed. 

EUR/USD News

GBP/USD extends rally above 1.23 amid USD weakness

GBP/USD is trading above 1.23, some 900 pips off the lows amid dollar weakness. UK coronavirus cases are rising at a growing pace and Brexit talks have been put on ice. 

GBP/USD News

Cryptocurrencies: Bulls honing their antlers for an upward attempt ahead

The sense of extreme fear is divergent with the levels of the mathematical averages. Bitcoin dominance ratio moves at a structural pivot level and can lead to a trend change. XRP is the winner of the day, but far away from fleeing out of the bearish scenario.

Read more

Gold trades with modest losses below $1620 level, downside seems limited

Gold edged lower through the early European session and is currently placed near the lower end of its daily trading range, just below $1620 level. Concerns over an imminent global recession might help limit losses.

Gold News

US Jobless Claims Analysis: 3 M is only the beginning, 3 reasons why USD may rise

Unemployment is engulfing the US – weekly jobless claims jumped to 3.283 million, an increase of 1,053%. The four-week moving average is near one million, also surpassing the worst since the Great Financial Crisis.

Read more

Forex MAJORS

Cryptocurrencies

Signatures