Chart - Courtesy Trading View
AUD/USD has erased early gains and was trading 0.07% higher at 0.6763 at around 06:45.
The pair has failed to extend upbeat Australia Employment data-led gains as higher-than-expected U.S. inflation stoked fears of aggressive Fed rate hikes and recession fears.
The Australian Bureau of Statistics has reported the Employment Change at 88.4k, beating expectations for an addition of 25k jobs,
Further, the Unemployment Rate has trimmed to 3.5%, much lesser than analysts forecasts at 3.8%.
AUD/USD trades with a bearish bias. Major and minor trend in the pair are bearish. Price action is below major moving averages which are trending lower.
Support levels - 0.6703 (Lower BB), 0.6648 (June 2020 low)
Resistance levels - 0.6764 (5-DMA), 0.6858 (21-EMA)
Summary: AUD/USD trades with a bearish bias. Scope for further downside. Test of new multi-year lows on cards.
