AUD/USD analysis: 0.7965 held ahead of AU employment, Chinese data

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7986

Dollar's strength dragged the AUD/USD pair below the 0.800 mark for the first time since in over a week. The pair fell down to 0.7970, weighed additionally by plummeting base metals' prices. The Aussie will have to face a huddle of macroeconomic data during the upcoming Asian session, as the country will release its consumer inflation expectations for September, and August employment data, whilst China will offer August retail sales, industrial production and money figures. Employment will be the main market motor, but if the figures come in line with expectations, attention will shift to Chinese figures, in search of clues for future economic developments. The pair's decline persists late US session and despite decreasing market's volume, somehow anticipating further slides ahead. In the 4 hours chart, the price has fallen sharply after failing to surpass a now bearish 20 SMA, whilst the Momentum indicator turned sharply lower around its 100 level, now heading south near oversold readings as the RSI also heads south around 39, also favoring a new leg lower for the upcoming sessions.

Support levels: 0.7965 0.7930 0.7900

Resistance levels: 0.8000 0.8035 0.8065

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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