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Following up with AUD-Reaction to the Jobs Data

Australia's statistics office printed a 121K increase in jobs for August, which is astronomical. However, after we dug into the data a bit, we realize we should reserve our excitement about the headlines data and attribute the change to a change in survey group. 

AUD/USD Rebounds after a Crazy AUS Jobs Data

As noted in the previous post on AUD/USD, the market bid up the Aussie after the data, but we know it was not enough to reverse this week's sharp sell-off of the AUD. In fact, the market had sellers around 0.92, which was a broken multi-month support now acting as resistance. As we progress into the 9/11 US session, the AUD/USD looks poised to continue lower at least toward 0.91, or the 0.9083 area where the 50% retracement level resides.

AUD/USD 4H Chart 9/11

(click to enlarge)

Seeing that there was not much of a bullish correction on the back of the jobs data, we might expect the AUD/USD to remain sharply bearish, and the expect even further downside for example to the 61.8% retracement level around 0.8983. 

AUD/USD Daily Chart 9/11

(click to enlarge)