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12 Sep 2013
AUD/USD tumbles on weakening economy
FXstreet.com (Athens)- The AUD/USD hit earlier a daily low of 0.9227, as everybody realizes the grim reality depicted on Thursday’s dismal jobs data.
Celebrations are over for the new PM; jobs data reveal grim reality
Nobody can still “hide himself behind the bush”; the new elected government has to overcome real obstacles to achieve its goal of reinvigorating economy. Today’s job data showed that the Australian economy lost (-10.8K )jobs versus a gain of (+10.0K) expected, with the Unemployment Rate ticking up to 5.8%, the highest rate since August 2009. Thus, despite the fact that the “Aussie” enjoyed a mini-rally throughout the week on the new government, jobs data underscored Tony Abbot that his job will be really tough.
Technical Outlook on AUD/USD
Berry Gareth from UBS suggests that “Fresh selling pressure materialized this morning. Support focus is at 0.9178, a break below which would extend the weakness to0.9069. Resistance is at 0.9354 ahead of the main 0.9510.” At the time of writing, the pair is trading at 0.9240, down 0.97%, very close to the daily low. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15 minutes chart. Daily pivot point support can be found at 0.8949, 0.8926 and 0.8904, while resistance at 0.9050, 0.9063 and 0.9086, respectively.
Celebrations are over for the new PM; jobs data reveal grim reality
Nobody can still “hide himself behind the bush”; the new elected government has to overcome real obstacles to achieve its goal of reinvigorating economy. Today’s job data showed that the Australian economy lost (-10.8K )jobs versus a gain of (+10.0K) expected, with the Unemployment Rate ticking up to 5.8%, the highest rate since August 2009. Thus, despite the fact that the “Aussie” enjoyed a mini-rally throughout the week on the new government, jobs data underscored Tony Abbot that his job will be really tough.
Technical Outlook on AUD/USD
Berry Gareth from UBS suggests that “Fresh selling pressure materialized this morning. Support focus is at 0.9178, a break below which would extend the weakness to0.9069. Resistance is at 0.9354 ahead of the main 0.9510.” At the time of writing, the pair is trading at 0.9240, down 0.97%, very close to the daily low. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15 minutes chart. Daily pivot point support can be found at 0.8949, 0.8926 and 0.8904, while resistance at 0.9050, 0.9063 and 0.9086, respectively.