FxWirePro: AUD/USD consolidates below 21-EMA, cautious RBA bulletin and mixed employment data weigh

AUD/USD chart - Trading View 

AUD/USD was trading 0.13% lower on the day at 0.7321 at around 06:20 GMT, bias bearish.

The major came under renewed selling pressure after the Reserve Bank of Australia (RBA) today released its quarterly bulletin. Upbeat unemployment data failed to impress.

Data released by the Australian Bureau of Statistics earlier on Thursday showed Australia jobless rate dropped to 4.5% in August from 4.9% in June.

The employment rate dropped by 146K as compared to the market consensus of 90K, while ‘hours worked’ witnesses a huge drop of 3.7% in July. 

Further, the inflation expectations in Australia eased to 3.30% in August from 3.70% in July.

Sentiment remained sour after reports showed a jump in fresh CoVID-19 cases and China’s economic slowdown resulting in supply chain disruptions.

Focus now on US Retail Sales, which are projected to have dropped in August for the second consecutive month. The Philly Fed Manufacturing index and weekly jobless claims will also be watched for impetus.

Technical bias for the pair is bearish. Momentum is with the bears. Scope for dip till 200-week MA at 0.7216. Bearish invalidation on retrace above 21-EMA.