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AUD/USD prints daily shooting star

FXStreet (Bali) - AUD/USD is trading at 0.9340, quickly returning towards the key 0.9330 support area, following the print of a shooting star last Thursday, with selling interest very solid on the approach of 0.94.

In Asia, we only get minor local data, Ai Group Performance of Construction Index, with most of the market now focusing on the US NFP figures to determine the next move in the AUD/USD market.

Peter Fell, Founder at FXBeat, notes: "Resistance lies at 9403, 61.8% fib on the 9505/9238 fall, falling trend-line resistance comes in at 9409. Support is seen at 9334, 38.2% fibo on the 9238/9393 rise, 50% fibo is at 9316. Stop loss orders are touted below 9330, local corporate demand is around 9300."

Fed paper concludes US labour participation decline structural in nature

The Federal Reserve just published a working paper, titled "Labor Force Participation: Recent Developments and Future Prospects", in which it argues that most of the decline in the labor force participation rate since 2007 is structural in nature, potentially reinforcing the Fed hawkish case, as the conclusion suggests that it wasn't because of weak labor demand.
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Australia AiG Performance of Construction Index up to 55 in August from previous 52.6

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