Australian jobs data released overnight provided a warning sign for AUD traders, with the weakness seen across the report putting additional pressure on the RBA. July's surprise decision to keep rates steady brought about a fresh bout of downside for the Australian dollar, driving AUDUSD into the lowest level since November 2022. That downside has been somewhat eased today, with the pair moving higher as risk-off pressure fades. Nonetheless, the surprise rise in unemployment (3.5%->3.7%) and negative employment change reading (-14.6k) will undoubtedly provide warning signs for the RBA. As long as the economy suffers, there is less likeliness of another hike from the central bank.
With that in mind, another downturn looks likely for AUDUSD, with the recent rally into trendline and 76.4% Fibonacci resistance bringing the potential for a bearish intraday downturn. This bearish trend would end with a break above 0.64809.
With that in mind, another downturn looks likely for AUDUSD, with the recent rally into trendline and 76.4% Fibonacci resistance bringing the potential for a bearish intraday downturn. This bearish trend would end with a break above 0.64809.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.