Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

AUD Falters after the Poor Aussie Jobs Report

The latest Australian jobs report showed that in January, the economy lost about 12.2K jobs. This was a turnaround from the last 3 months of decent gains, with December's reading revised up to 42.3K from 37.4K. Forecasts called for a loss of 4.7K jobs, so the print was much worse than anticipated. The unemployment rate also rose to 6.4%, after a 6.1% reading for December.

Not surprisingly the Australian dollar took a hit.

AUD/USD 4H Chart 2/12
(click to enlarge)

The AUD/USD failed to make an inverted head and shoulders, and looks to threaten the 0.7626 low and extend to at least 0.76. The 0.73 and 0.70 levels are also in sight as the prevailing downtrend continues.

AUD/JPY 4H Chart 2/12
(click to enlarge)

AUD/JPY did complete an inverted head and shoulders (JPY didn't have a strong jobs report to help fight against the price bottom). However, today's price action is threatening the integrity of this price bottom. Price looks poised to return to 89.40 with risk of continuing the downtrend towards 0.89 or lower.

AUD/NZD Daily Chart 2/12


(click to enlarge)

For the AUD/NZD, the reaction was not interesting because it simply nudged the pair lower, It was already heading towards the recently made historic low at 1.0353. It is accelerating a bit now, and has a chance to break into new lows, at least toward 1.03.