• Weaker Australian jobs report exerted some intraday pressure on the aussie.
  • A modest USD weakness helped limit any deeper losses for the AUD/USD pair.
  • A rise in COVID-19 cases and geopolitical tensions might cap any strong gains.

The AUD/USD pair managed to rebound around 40 pips from daily swing lows and was last seen trading in the neutral territory, around the 0.6875 region.

The pair witnessed some selling during the Asian session on Thursday following the release of weaker-than-expected Australian monthly employment details. According to the report, the economy shed 227.7K jobs in May as compared to a decline of 125K anticipated. Adding to this, the previous month's reading was also to show a loss of 607.4K loss against 594.3K reported previously. Meanwhile, the unemployment rate jumped April's 6.2% to 7.1% during the reported month.

The dismal jobs data comes on the back of the unease across the global financial markets amid concerns over the second wave of coronavirus infections and geopolitical tensions in Asia. This, in turn, took its toll on perceived riskier currencies, including the aussie, and prompted some intraday selling around the AUD/USD pair. However, a mildly weaker tone surrounding the US dollar helped limit any deeper losses for the major, at least for the time being.

The pair managed to find some support near the 0.6835 region, which should now act as a key pivotal point for intraday traders. Any subsequent fall now seems to accelerate the fall towards back towards weekly lows, around the 0.6775 area. The mentioned level coincides with a support marked by the lower end of a near three-month-old ascending trend-channel.

Moving ahead, market participants now look forward to the US economic docket, highlighting the release of Initial Weekly Jobless Claims and Philly Fed Manufacturing Index. The data might influence the USD price dynamics, which coupled with the broader market risk sentiment might produce some meaningful trading opportunities later during the early North American session.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6878
Today Daily Change -0.0006
Today Daily Change % -0.09
Today daily open 0.6884
 
Trends
Daily SMA20 0.6807
Daily SMA50 0.6581
Daily SMA100 0.6491
Daily SMA200 0.6666
 
Levels
Previous Daily High 0.6923
Previous Daily Low 0.6852
Previous Weekly High 0.7065
Previous Weekly Low 0.6799
Previous Monthly High 0.6683
Previous Monthly Low 0.6372
Daily Fibonacci 38.2% 0.6879
Daily Fibonacci 61.8% 0.6896
Daily Pivot Point S1 0.685
Daily Pivot Point S2 0.6815
Daily Pivot Point S3 0.6778
Daily Pivot Point R1 0.6921
Daily Pivot Point R2 0.6957
Daily Pivot Point R3 0.6992

 

 

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 Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD stays under pressure below 1.0500

EUR/USD stays under pressure below 1.0500

EUR/USD is having a difficult time staging a rebound after having dropped below 1.0500 earlier in the day. FOMC Chairman Powell's relatively optimistic comments on the economic outlook provided a boost to the dollar in the second half of the day, weighing on the pair. 

EUR/USD News

GBP/USD rebounds modestly, trades near mid-1.2100s

GBP/USD rebounds modestly, trades near mid-1.2100s

GBP/USD fell to its lowest level in nearly two weeks near 1.2100 but managed to stage a rebound. With the dollar preserving its strength on the back of FOMC Chairman Powell's hawkish comments, however, the pair stays in negative territory near 1.2150.

GBP/USD News

Gold steadies near $1,820 following earlier drop

Gold steadies near $1,820 following earlier drop

Gold is struggling to make a decisive move in either direction and seems to have steadied near $1,820, where it closed on Tuesday. Despite the broad-based dollar strength, XAU/USD holds its ground amid a more-than-2% decline seen in the 10-year US yield.

Gold News

Fresh lows for crypto markets in sight as recovery gains come undone

Fresh lows for crypto markets in sight as recovery gains come undone

Bitcoin price faced an intense sell-off as it approached the recent weekly open, indicating that investors are looking to book profits. This downswing has caused Ethereum, Ripple and other altcoins to take a dip as well.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures