AUDUSD Falls Into Support Zone As USD Surges

AUDUSD drops after stronger jobs report.

The morning video reviews techniques and risk levels for EURUSD, USDJPY, GBPUSD, USDCHF and USDCAD. For my opinion on these pairs with risks and objectives, CLICK HERE.

The AUDUSD is also reacting to the stronger US jobs report, where more than 500,000 jobs were added in July, the employment rate fell and wages rose.

The Fed is back in play for 75 basis points in September. Yields are higher. The US dollar is higher. Inventories are lower.

Looking at the hourly chart of AUDUSD, the pair fell below the 38.2% retracement at 0.69069 and also a swing zone between 0.6911 and 0.69196. These levels are now close to risk for sellers to stay below and sellers remain in tight control.

The pair is testing a swing zone between 0.6874 and 0.68847 on the downside. The current price is trading at 0.6882 as I type.

The 50% retracement comes in at 0.68638 and below that a swing zone near 0.6852 would be targeted.

The data was unquestionably strong. The price broke the technical levels tilting the short-term bias to the bottom. The risk is a return above 0.69196. The price should not exceed this area. On the downside, the doors open for further downside momentum.

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