FxWirePro: AUD/USD slumps lower to test cloud support, Aussie depressed after dismal jobs data

AUD/USD chart - Courtesy Trading View 

AUD/USD was trading 0.44% lower on the day at 0.7292 at around 09:05 GMT.

The pair is extending weakness for the 3rd straight session, scope for further weakness.

Dismal Australian jobs data, the risk-off mood weighed on the perceived riskier aussie.

Further, Wednesday’s strong US CPI acted as a tailwind for the USD and added to the selling bias in the pair.

Data Released:

Australian Employment Change defied a +50.0K forecast with -46.3K figures, versus -138K prior.

The Unemployment Rate rose past 4.6% previous readouts and 4.7% market consensus to 5.2% in October. 

Aussie Consumer Inflation Expectations for November jumped past 3.6% prior to 4.6%. 

US consumer price index surged 6.2% from a year ago in October, the most since December 1990.

Core inflation, stripping out food and energy, increased 4.6%, the fastest gain since August 1991.

Major Support Levels: 

S1: 0.7283 (Cloud base)

S2: 0.7245 (trendline)

S3: 0.7202 (200-week MA)

Major Resistance Levels: 

R1: 0.73

R2: 0.7362 (5-DMA)

R3: 0.7388 (55-EMA)

Summary: AUD/USD tests cloud support. The pair trades with a bearish bias, poised for further downside. Dip till 0.7245 likely.