AUD/USD Keeps Making Lower Highs as Employment Falls
AUD/USD has been falling over the last three months, owing mostly to the higher US dollar, but also to global concerns that have driven traders away from risk assets, such as the substantial problems that China’s economy has faced this year across a variety of industries. Following a decrease in Chinese Caixin services and manufacturing earlier this month, which sent the pair below 0.63, the AUD/USD rebounded early last week but failed to reach and surpass the resistance level of 0.65.
In the following days, the price dropped roughly 150 pips to 0.63 lows after failing to break clearly above the 200 SMA (purple) on the H4 chart. Earlier this week we saw another attempt at the upside as the UD was retreating in the first two days but the 100 SMA (green) turned into resistance yesterday, stopping buyers from pushing the price higher.
Initially, AUD/USD rose in the Asian session, aided by improved Chinese economic figures such as GDP and industrial output. The price moved to the 100 moving average at 0.63690s, and the pair extended above a swing range between 0.6379 and 0.6387 (the high price hit 0.63928). However, the momentum could not be maintained, and on the break back below the swing region, buyers changed to sellers. Today we had the employment report form Australia, although it did not help the Aussie much.
September Employment Report From Australia
- Employment Change for September
- August employment change was
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AUD/USD Live Chart
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