AUD/USD Keeps on Diving – 50% Fibonacci in Focus
The AUD/USD currency pair hit the bearish track and dropped to 2-weeks lows and is fluctuating around the 0.6790 due to an increase in the jobless rate and focus on the fulltime employment change detail.
August’s labor market figures rose by 34.7k against the forecast of 10.0k whereas the jobless rate marked 5.3%, which was higher from 5.2% beforehand.
Moreover, the participation rate grew to 66.2% against 66.1% forecast and previous. Whereas, the full-time employment fell to -15.5K compared to 34.5K earlier.
The Australian dollar’s weakness deepened due to an increase in the jobless rate and drop in fulltime job rate as it could pressure the Reserve Bank of Australia to look for dovish monetary policies.
Daily Support and Resistance
S3 0.6807
S2 0.6837
S1 0.6851
Pivot Point 0.6868
R1 0.6881
R2 0.6898
R3 0.6928
Technically, the AUD/USD pair is likely to stay bearish below 0.6790 as it’s a 50% Fibonacci retracement level. Below this, the Aussie may extend bearish trend until 0.6760.
The RSI and Stohactis are holding in an oversold zone, and we may see a slight bullish retracement in the AUD/USD. On the upper side, AUD/USD can go after 0.6800 and 0.6820 area today.
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