The Aussie Dollar started a major downtrend from the 0.7695 high against the US Dollar and declined by more than 100 pips. The AUD/USD pair traded below the 0.7600 handle and the 100 hourly simple moving average.
The pair traded as low as 0.7566 and is correcting higher. On the upside, there is a monster bearish trend line forming with resistance at 0.7600 on the hourly chart.
The 38.2% Fib retracement level of the last decline from the 0.7648 high to 0.7566 low is also acting as a resistance for buyers. Overall, the pair is at risk of more declines as long as the pair is below the 0.7600 handle.
On the downside, a break of the 0.7580 support could trigger more losses in the near term.
Today in Australia, the Employment Change for Oct 2017 was released by the Australian Bureau of Statistics. The forecast was slated for a change of 17.5K compared with the last 19.8K.
The actual result was below the forecast of 17.5K as the change was of 3.7K. However, the last reading was revised up from 19.8K to 26.6K. Moreover, there was a decline in the unemployment rate from 5.5% to 5.4%.
It seems like the AUD/USD pair remains in the bearish trend with resistances near 0.7590 and 0.7600.
The New Zealand Dollar failed to move above the 0.6980 level and started a downside move against the US Dollar. The NZD/USD pair declined below the 0.6900 and 0.6880 support levels and remains well below the 100 hourly SMA.
The pair traded as low as 0.6844 recently and remains at a risk of more losses. On the upside, there is a crucial bearish trend line forming with resistance at 0.6885 on the hourly chart. The same trend line is positioned near the 100 hourly SMA to act as a major barrier below 0.6900.
Any corrections from the current levels are likely to face sellers near the 0.6870 and 0.6880 levels in the near term. On the downside, a break below the 0.6840 support would open the doors for more declines toward the 0.6820 level or even 0.6800 if the pair fails to move above 0.6900.
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