AUDUSD falls into the lower extreme zone
The Australian jobs report released on Australia’s New Trading Day (9.30pm ET) showed an increase of 33.5,000 from estimates of 35,000. The jobless rate rose to 3.4% at 3.5%, which is still near/at historic lows.
The buyers could not take the price above this level and instead turned to the sellers. The price has been cut lower since that time. New York session low hit 0.67018. This was just above last week’s low at 0.66984. Current prices are trading at 0.6711. The sellers retain control.
Looking more broadly at the daily chart, a move to a fresh session low would prompt traders to look to a swing zone between 0.6860 and 0.6881. A former descending trendline crosses this area while increasing the importance of the area.
AUDUSD on the daily chart