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AUD/USD dips below 0.7000 after US jobs data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - AUD/USD came under mild pressure and dropped to fresh daily lows following a strong US nonfarm payrolls reading. However, the greenback lacked momentum to drag the pair below the 0.6979 zone, where it printed a 3-month low the previous session.

    AUD/USD dipped back below 0.7000 and hit a low of 0.6985 following the data. At time of writing, the pair is trading around the 0.70 mark, a few pips below its opening price and on track to post its fourth daily decline in a row.

    On the data front, US economy added 292,000 jobs in December, beating the 200,000 expected while November and October readings were upwardly revised by a combined 50,000. The unemployment rate stood unchanged at 5.0% as expected.

    AUD/USD levels to watch


    As for technical levels, AUD/USD could find next supports at 0.6979 (Jan 7 low), 0.6936 (Sep 29 low) and 0.6900 (psychological level). On the other hand, resistances line up at 0.7085 (Jan 7 high), 0.7096/100 (100-hour SMA/psychological level) and 0.7162 (100-day SMA).
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