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AUD/USD Stabilized Below 0.65 After the Soft Australian Employment Report

AUD/USD broke below the first support at 0.65 last week, while this week sellers continued to push below the 2nd support at 0.6450. Buyers failed to push above the 100 SA (green) last week at 0.6650 and the reversal came, which has turned this pair quite bearish as the FED is keeping interest rates higher for longer.

AUD/USD Chart Daily – The Previous Support Will Turn Into Resistance Now

The AUD/USD pair continues to exhibit a bearish trend, remaining below the 0.65 level. This decline reflects a prevailing risk-averse sentiment in the market, largely influenced by heightened geopolitical tensions, particularly in the Middle East. Despite this, the Australian Dollar (AUD) managed to reverse three consecutive losses yesterday, benefiting from a corrective rebound in the buck (USD) that caused the AUD/USD pair to test the resistance-turned-support level at 0.6450. The Australian dollar’s upward movement gained momentum as selling pressure on the US currency abated. Additionally, the AUD/USD advance was supported by a modest recovery in commodity prices, reaching around $830.00.

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Australia’s employment was expected to increase by only 7,200 last month, following a significant growth of 116,500 in February. Meanwhile, the unemployment rate was projected to jump by 2 points to 3.9%, up from 3.7% previously but still lower than the 4.1% rate recorded before. If Bitcoin’s price breaks below the March 5 low of $59,313, it is likely to test lower levels. Traders are cautious and closely monitoring this swing zone for potential market fluctuations. A move above the March 20 swing high of $60,760 could provide buyers with increased confidence and potentially signal a shift in momentum.

March Employment Report From Australia

 

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Skerdian Meta
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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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