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12 Sep 2013
AUD/USD falls apart on softest Australian jobs data
FXstreet.com (Athens)- The AUD/USD is moving downwards and under pressure on dismal Australian data.
AUD/USD on the down trend again; Tony Abbott came in power but forgot his magic wand
Tony Abbott came in power to lead Australian economy out of the recession mode, but today the poor jobs data underscored the challenge for the new Prime Minister to boost nation’s economy. While the victory of the new elected Prime Minister of Australia was widely accepted by the citizens in a very celebrated mood, today seems that residents should first recognize that the economy is still the same. The Australian dollar fell close to a figure against the US dollar, trading at 0.9341 before the news and then shortly afterwards hitting a session low of 0.9254. Furthermore, the August employment came in at -10800, while the expectation was for an increase of +10000, causing the drop in the pair while the unemployment rate rose to a four year high as of 5.8%, instead of 5.7% in July.
Technical Outlook and Strategic Bias on AUD/USD
Berry Gareth from UBS suggests that “Fresh selling pressure materialized this morning. Support
focus is at 0.9178, a break below which would extend the weakness to0.9069. Resistance is at 0.9354 ahead of the main 0.9510.” At the time of writing, the pair is trading at 0.9255, down 0.80%, very close to the daily low. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15 minutes chart. Daily pivot point support can be found at 0.8949, 0.8926 and 0.8904, while resistance at 0.9050, 0.9063 and 0.9086, respectively.
AUD/USD on the down trend again; Tony Abbott came in power but forgot his magic wand
Tony Abbott came in power to lead Australian economy out of the recession mode, but today the poor jobs data underscored the challenge for the new Prime Minister to boost nation’s economy. While the victory of the new elected Prime Minister of Australia was widely accepted by the citizens in a very celebrated mood, today seems that residents should first recognize that the economy is still the same. The Australian dollar fell close to a figure against the US dollar, trading at 0.9341 before the news and then shortly afterwards hitting a session low of 0.9254. Furthermore, the August employment came in at -10800, while the expectation was for an increase of +10000, causing the drop in the pair while the unemployment rate rose to a four year high as of 5.8%, instead of 5.7% in July.
Technical Outlook and Strategic Bias on AUD/USD
Berry Gareth from UBS suggests that “Fresh selling pressure materialized this morning. Support
focus is at 0.9178, a break below which would extend the weakness to0.9069. Resistance is at 0.9354 ahead of the main 0.9510.” At the time of writing, the pair is trading at 0.9255, down 0.80%, very close to the daily low. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15 minutes chart. Daily pivot point support can be found at 0.8949, 0.8926 and 0.8904, while resistance at 0.9050, 0.9063 and 0.9086, respectively.