FxWirePro: AUD/USD fades upbeat employment data led gains, bearish divergence keeps downside pressure
AUD/USD chart - Trading View
AUD/USD initially edged higher after Australia’s July month employment data beat expectations.
Data released earlier today showed Aussie Unemployment Rate fell below 7.8% forecast to 7.5%, Employment Change crossed 40K market consensus with 114.7K figures.
The major quickly faded the initial bounce and slipped lower from session highs at 0.7188 to trade at 0.7169 at around 05:23 GMT.
Price action finds strong support at 21-EMA at 0.7120. Further weakness only on break below.
Challenges to the risk-tone sentiment seem to hamper the pair’s upside. Major trend is bullish. Oscillators support upside.
200W MA is major hurdle at 0.7254. Decisive break above will fuel further gains. Scope for test of 78.6% Fib at 0.7573.