AUD/USD analysis: consolidating at multi-month lows
|AUD/USD Current price: 0.7594
- Mixed employment data maintained the Aussie near its recent lows.
- Risk poised to the downside after inflation expectations' miss.
The AUD/USD pair fell to 0.7568, surpassing July's low by a couple of pips, but managed to bounce back quickly ending the day anyway below the 0.7600 figure. Australia released its October employment figures, showing that the economy added 3,700 new jobs, less than the 17,500 expected, with the headline offset by a fall in the unemployment rate to its lowest in over four years, resulting at 5.4%. Fulltime employment was sharply up, in detriment of part-time positions, down by 20,700 in the month. Australian Consumer inflation expectations for November, came in at 3.7% from previous 4.3%, a bit of a disappointment for those hoping on an RBA change in its neutral stance. The short-term picture shows that the pair is within a consolidative stage, although the risk remains towards the downside, as in the 4 hours chart, the price is below a bearish 20 SMA, while technical indicators remain within negative territory, directionless. Renewed selling pressure below the weekly low should lead to a continued decline towards a major long-term support at 0.7450 during the next sessions.
Support levels: 0.7570 0.7535 0.7490
Resistance levels: 0.7610 0.7660 0.7695
View Live Chart for the AUD/USD
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