FxWirePro: AUD/USD extends four-day losing streak after mixed Aussie employment data

AUD/USD chart - Trading View 

AUD/USD is extending a four-day losing streak and was trading 0.29% lower on the day at 0.6434 at around 03:40 GMT.

The antipodean under pressure after data released earlier today showed Australia registered record job losses in April.

Australian economy shed 594.3K jobs, versus expectations for a 575K drop, following March's 5.9K additions.

The seasonally adjusted jobless rate rose less-than-expected, ticked higher to 6.2% versus expectations for 8.3% and compared to March's figure of 5.2%.

AUD/USD faded an initial pop on the back of the better-than-expected jobless rate and is trading weaker at the time of writing.

Price action is holding above strong support at 21-EMA at 0.6418, break below will see further downside.

Technical indicators on the daily charts are turning bearish. Further, 'Bearish Divergence' on Stochastics adds to the bearish pressure.

Break below 21-EMA finds next immediate support at 55-EMA at     0.64 ahead of lower Bollinger band at 0.6288.

Guidance: Minor trend is turning bearish. Watch out for break below 21-EMA to go short.