The AUD/USD pair is located at 0.6487 at the time of writing. It crashed in the first part of the day but now it has rebounded. Still, the price action signalled that a larger correction is still possible but strong confirmation is needed.
The Australian Unemployment Rate jumped from 3.6% to 3.7% as expected, while Employment Change came in at 55.0K versus 22.8K expected. The greenback tries to drag the rate down even if Capacity Utilization Rate, Industrial Production, and Unemployment Claims came in worse than expected.
AUD/USD Larger Drop Still Possible!
The AUD/USD pair registered only false breakouts above 0.6522 static resistance. It has dropped as much as 0.6461 where it has found support. The upside 50% Fibonacci line of the descending pitchfork represents a dynamic support.
The immediate high of 0.6509 represents an upside obstacle while the upper median line (uml) stands as a dynamic resistance.
AUD/USD Forecast!
Dropping and closing below the 50% Fibonacci line and under the former low of 0.6461 activates more declines and is seen as a selling signal.
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