FxWirePro: AUD/USD hits new 2-week lows on Australian jobs disappointment, on track to test 0.6858
AUD/USD chart - Trading View
AUD/USD breaks below 20-DMA support, hits new 2-week lows at 0.6910.
Aussie dented after the Australian unemployment rate missed estimates for a drop to 5.1% and remained steady at 5.2% in May.
The economy added 42.3K jobs, beating forecasts of 17.5K and April's print of 28.4K by a big margin.
However, full-time jobs increased by a meager 2.4K, Aussie unimpressed as a result.
Weak jobs report may pull forward expectations of an RBA rate cut to July, keeping the Aussie under pressure.
Major trend in the pair has been bearish and upside correction was capped at 55-EMA.
Technical indicators on the daily charts have turned bearish with RSI and Stochs rolling over from overbought levels.
Minor support seen at 0.6885 (trendline), next major bear target is 0.6858 (Lower BB) ahead of 0.6815 (trendline).
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