10 Jul 2014
AUD/USD: Sellers show up at 61.8/78.6 fib from last week's decline
FXStreet (Bali) - The Australian Dollar made a quick round trip north before sellers stepped in to send the rate from 0.9457 high down to 0.9414.
The Australian jobs figured were mixed, with the headline employment number quite encouraging at first glance (probably explaining the initial spike to fill sell orders), but once details were examined, the market noticed it actually was less than meet the eye.
Full-time hiring was down 3,800, basically suggesting that employers are still reluctant to extend long-term contracts as the economy transitions. Besides, the jobless rate edged up to 6% vs 5.9% exp, although on the bright side, the participation rate was up 0.1% to 64.7%.
At present, the AUD/USD price action post the risk event communicates a market that is still willing to commit shorts between the 61.8% and 78.6% fib retrac from the weekly bearish engulfing candle. The next area of demand to overcome in order for sellers to make further progress is 0.9410 down to 0.9380, with a break lower potentially exposing 0.9340 - 0.9320 bids-packed zone.
The Australian jobs figured were mixed, with the headline employment number quite encouraging at first glance (probably explaining the initial spike to fill sell orders), but once details were examined, the market noticed it actually was less than meet the eye.
Full-time hiring was down 3,800, basically suggesting that employers are still reluctant to extend long-term contracts as the economy transitions. Besides, the jobless rate edged up to 6% vs 5.9% exp, although on the bright side, the participation rate was up 0.1% to 64.7%.
At present, the AUD/USD price action post the risk event communicates a market that is still willing to commit shorts between the 61.8% and 78.6% fib retrac from the weekly bearish engulfing candle. The next area of demand to overcome in order for sellers to make further progress is 0.9410 down to 0.9380, with a break lower potentially exposing 0.9340 - 0.9320 bids-packed zone.