The Aussie dollar made a number of attempts to break 0.7740-0.7760 vs the US Dollar, but failed. As a result, the AUDUSD pair was seen under pressure below 0.7600.
Looking at a long-term chart like the daily, the AUDUSD pair has clear rejections near 0.7740-0.7760. The recent failure near 0.7738 was also around the same area. It resulted in a downside move below 0.7600.
The pair also moved below the 23.6% Fib retracement level of the last wave from the 0.7159 low to 0.7738 high. However, the pair found support near the 100-day simple moving average at 0.7520, and moved back higher.
It is once again heading towards the 0.7720-40 resistance area, and might fail due to disappointing employment report in Australia.
Today in Australia, there was a major release, as the Australian Employment Change for Feb 2017 was published by the Australian Bureau of Statistics. The market was aligned for change in the number of employed people in Australia to be 16K in Feb 2017, compared with the last reading of 13.5K.
However, the result was disappointing, as the change was -6.4K. Moreover, the Australian Unemployment Rate posted a rise from 5.7% to 5.9% in Feb 2017. Overall, the result was not encouraging and might weigh on the Aussie dollar.
The report also mentioned that:
Unemployment increased 26,000 to 748,100. The number of unemployed persons looking for full-time work increased 10,800 to 523,800 and the number of unemployed persons only looking for part-time work increased 15,100 to 224,300.
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