Unemployment rate rises to 6.4%. -12.2K employment change
The worse than expected Australian employment report has sent the AUDUSD tumbling lower. The pair is moving closer to the low price reached after the semi-surprise from the reserve bank of Australia interest rate decision back on February 3. That low comes in at the 0.76251 level. It is the next major target on the downside. Looking at the hourly chart a lower channel trendline was broken at 0.7681. This is close resistance now.
What other risk defining level are there for traders? Where should sellers reenter the market high correction higher?
Looking at the 5 minute chart, the fall to the downside has taken the price lower by about 73 pips. The 38.2% retracement of that move currently comes in at the 0.7682 level. The midpoint of that move comes in at the 0.76908 level. Another level above is the low from yesterday at 0.7693. This area between 0.7682 and 0.7693 (along with the broken trend line on the hourly at 0.7681), is the risk area for shorts/sellers. I would not expect - given the weakness in this release - that the price should trade back above this area.
