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Aussie Daily Outlook
Chart - Courtesy Trading View
AUD/USD was trading rangebound at 0.7002 at around 06:23, with session high at 0.7035 and low at 0.6990.
The pair is consolidating previous session's gains, slips lower from session highs at 0.7035.
Aussie fails to be impressed on mixed Australia Employment report. China-Australia tussles keep sentiment depressed.
The Australian Bureau of Statistics flashed mixed employment data for May during early Thursday.
Australia’s Employment Change rose to 60.6K versus 25.0K expected, while the Unemployment Rate rose past 3.8% forecasts to 3.9% unchanged from the previous readings.
The Participation Rate also improved to 66.7% slightly above the 66.4% market consensus and 66.3% prior.
Further, Australia’s Consumer Inflation Expectations rose past 5.0% prior readings to 6.7%.
Technical bias for the pair is bearish. 5-DMA is still sharply lower. GMMA indicator shows major and minor trend are bearish.
5-DMA is immediate support at 0.6964, break below will drag the pair lower. Scope for test of fresh yearly lows below 0.6828.
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