Products You May Like
AUDUSD falls to lower extreme area
The Australian jobs report released in the new trading day in Australia (at 9:30 PM ET) showed a 33.5K increase vs estimates of 35K. The unemployment rate ticked up to 3.5% from 3.4% which is still near/at historic low levels.
The AUDUSD did move higher soon after the report, but ran into resistance at 0.6771. I highlighted this level in my preemployment post yesterday (click here). Sellers leaned him him him him him.
Buyers could not take the price above that level, and turned to sellers instead. The price has been chopping to the downside since that time. The New York session low reached 0.67018. That was just above the low from last week at 0.66984. The current prices trading at 0.6711. The sellers remain in control.
Taking a broader look at the daily chart, a move to a new session low would have traders looking toward a swing area between 0.6860 and 0.6881. A old downward sloping trendline cuts across within that area as well increasing the areas importance.
AUDUSD on the daily chart