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AUD/USD: all about the jobs data - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar extended its decline against its American rival down to 0.7188 this Wednesday, weak amid falling commodities and despite the dollar's sell-off.

Key Quotes:

"Australia will release its November employment figures during the upcoming Asian session, and the country is expected to have lost 10K job positions during the month, balancing the outstanding gain from October, when the economy added 58.6K new jobs.

The unemployment rate is expected to tick higher, up to 6.0% from a previous 5.9%. News have to be strongly positive to revert the latest AUD decline, and the key level to watch is now 0.7240 as only same gains beyond it will favor further advances.

From a technical point of view, the 1 hour chart presents a neutral stance, with the technical indicators flat around their mid-lines, while in the 4 hours chart the price is now below a bullish 20 SMA, while the technical indicators are aiming to bounce from their mid-lines, lacking momentum at the time being, but help keeping the downside limited."

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