AUD/USD retreats from over one-month tops post-Australian jobs data/Chinese CPI


  • AUD/USD struggled to capitalize on its modest intraday uptick to over one-month tops.
  • The mixed Australian jobs report, softer Chinese CPI acted as a headwind for the pair.
  • A slight USD rebound also exerted some pressure; the risk-on mood helped limit losses.

The AUD/USD pair surrendered modest Asian session gains to over one-month tops and was last seen trading in the neutral territory, around the 0.7375 region.

The pair built on the previous day's post-US CPI positive move and gained some follow-through traction during the early part of the trading action on Thursday. The momentum pushed the AUD/USD pair to the highest level since September 10, albeit lacked any follow-through and faltered just ahead of the 0.7400 mark.

The Australian dollar was undermined by mixed domestic employment details, showing that the number of employed people decreased by 138K in September. This comes on the back of the previous month's decline of 146.3K and was accompanied by a modest uptick in the unemployment rate to 4.6% from 4.5% recorded in August.

Adding to this, softer Chinese CPI print, coming in at 0.7% YoY rate for September, further acted as a headwind for the China-proxy aussie amid a modest US dollar uptick. That said, a generally positive tone around the equity markets extended some support to perceived riskier currencies and helped limit the downside.

Hence, it will be prudent to wait for a strong follow-through selling before confirming that the recent move up witnessed over the past two weeks or so has run out of steam. Market participants now look forward to the US economic docket, featuring the release of Weekly Jobless Claims and PPI figures, for a fresh impetus.

Technical levels to watch

AUD/USD

Overview
Today last price 0.7379
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 0.7378
 
Trends
Daily SMA20 0.7279
Daily SMA50 0.7305
Daily SMA100 0.7419
Daily SMA200 0.7574
 
Levels
Previous Daily High 0.7383
Previous Daily Low 0.7322
Previous Weekly High 0.7339
Previous Weekly Low 0.7226
Previous Monthly High 0.7478
Previous Monthly Low 0.717
Daily Fibonacci 38.2% 0.736
Daily Fibonacci 61.8% 0.7346
Daily Pivot Point S1 0.7339
Daily Pivot Point S2 0.7301
Daily Pivot Point S3 0.7279
Daily Pivot Point R1 0.74
Daily Pivot Point R2 0.7422
Daily Pivot Point R3 0.746

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD stays afloat above 1.1600 as inflation data meet expectations

EUR/USD came under modest bearish pressure in the early European session and continues to have a difficult time regaining its traction. After the data from the euro area revealed that annual CPI stayed unchanged at 3.4% in September, the pair stays relatively calm above 1.1600.

EUR/USD News

GBP/USD drops below 1.3800 as UK CPIs disappoint

GBP/USD eases below 1.3800, as an unexpected decline in the UK inflation douses the BOE rate hike expectations. Covid resurgence in the UK also undermines the pound. The pair could find support from a broadly subdued US dollar and fresh Brexit optimism. 

GBP/USD News

XAU/USD climbs back above $1,775 level, limited upside potential

Gold refreshes intraday high during a two-day rebound from 21-DMA. Treasury yields await fresh clues after refreshing five-month top. Federal Reserve tapering concerns, China fears stay on table amid quiet session.

Gold News

Shiba Inu price stares at 15% breakout as SHIB loses directional bias

Shiba Inu price is stuck in a range since it set up the October 7 swing high. As SHIB currently sits on the mid-point of this range, it shows no directionality whatsoever. Therefore, a breakdown of the 50% Fibonacci retracement level could lead to a drop or an upswing if the buyers decide to make a comeback.

Read more

Tesla: Why it is time to sell TSLA stock

Tesla breaks higher again on Monday as we had called. TSLA to release earnings after the close on Wednesday. Is it time to sell Tesla stock now before earnings?

Read more

Forex MAJORS

Cryptocurrencies

Signatures