FxWirePro: AUD/USD bearish again as upside bias reverses
AUD/USD declined sharply on Thursday as Australian dollar was weighted down after weak employment report showed a big slide in full-time jobs which added to the risk of a further cut in interest rates. Australian employm…
AUD/USD declined sharply on Thursday as Australian dollar was weighted down after weak employment report showed a big slide in full-time jobs which added to the risk of a further cut in interest rates.
Australian employment unexpectedly fell 9,800 in September as firms shed a huge 53,000 full-time jobs, a disappointing report that slugged the local dollar and could rekindle speculation of further rate cuts.
The intraday trend remains bearish for the pair as Australian dollar is set to come under pressure as the US dollar is set to strengthen on US rate hike view.
To the upside, immediate resistance can be seen at 0.7716, a break above this level would take the pair towards next resistance level at 0.7753.
To the downside immediate support can be seen at 0.7642, a break below this level will open the door towards next level at 0.7596.
