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AUDUSD: Sells off

Employment Change from Australia beat market expectations rising from 15K to 121K showing economic growth. Also the Unemployment rate in August dropped from 6.4% to 6.1% showing a strong and expanding Australian economy.

Today on the economic calendar we have from the U.S. the Initial Jobless Claims that is expected to star unchanged at 302K and the Continuing Jobless Claims which is expected to rise from 2.464M to 2.480M showing a weak labor market.

Since the start of the week AUDUSD has been selling off after stalling and reversing on a daily resistance at 93.83. Yesterday the pair close below the 200 day moving average putting him in an unconfirmed distribution phase, but holding a daily support at 0.9134.

Expecting downward move to 0.9061 on a break below previous day low at 0.9112 (scenario 1) or a break above previous day high at 0.9218 could push AUDUSD to a daily resistance at 0.9274 (scenario 2).