FxWirePro: AUD/USD slides on higher than forecast unemployment data

• AUD/USD slipped lower on Wednesday after unemployment hit a near four-year high, reviving expectations of a near-term rate cut.

• Australian employment rose by 14,900 in September, below forecasts of a 20,000 gain, after a revised 11,800 drop in August.

•The unemployment rate climbed to 4.5%, its highest since November 2021, surpassing the RBA’s peak forecast of 4.3%.

• The RBA kept rates unchanged at 3.60% in September after three cuts this year, awaiting further inflation data.

•Technical signals are  strongly bearsih as RSI is   at 40, daily momentum studies 14and 21 DMAs are trending down.

• Immediate resistance is located at 0.6546 (50%fib), any close above will push the pair towards 0.6564 (SMA 20).

• Support is seen at 0.6481(23.6%fib) and break below could take the pair towards 0.6453 (Lower BB).

 Recommendation: Good to sell around 0.6520, with stop loss of 0.6600 and target price of 0.6450