AUD/USD breaks 61.8% Fib, on track to test 78.6% Fib at 0.7043
AUD/USD extends decline, hits fresh 11-week lows at 0.7199, in a knee-jerk reaction to weak Australian jobs report.
Australia's unemployment rate held steady at 5.7% in March, while 10,800 jobs were added, below expectations of a 12,000 net increase.
The labor force participation rate unexpectedly fell from 64.9% in March to 64.8% last month, the lowest in almost a year.
Price action has dipped below weekly cloud. Technicals support further downside, pair on track to test 78.6% Fib at 0.7043.
Hawkish FOMC minutes document will continue to underpin the buck at the expense of the AUD.
AUD/USD finds immediate support at 0.71 (double bottom Feb 15th and 29th), while immediate resistance is seen at 0.7212 (61.8% Fib).
Good to short rallies around 0.72/0.7210, SL: 0.73, TP: 0.7145/0.71/0.7045
Australia's unemployment rate held steady at 5.7% in March, while 10,800 jobs were added, below expectations of a 12,000 net increase.
The labor force participation rate unexpectedly fell from 64.9% in March to 64.8% last month, the lowest in almost a year.
Price action has dipped below weekly cloud. Technicals support further downside, pair on track to test 78.6% Fib at 0.7043.
Hawkish FOMC minutes document will continue to underpin the buck at the expense of the AUD.
AUD/USD finds immediate support at 0.71 (double bottom Feb 15th and 29th), while immediate resistance is seen at 0.7212 (61.8% Fib).
Good to short rallies around 0.72/0.7210, SL: 0.73, TP: 0.7145/0.71/0.7045
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