Despite Strong Australian Jobs Report, AUD/USD Failed to Soar Higher - Kakiforex.com - Financial Market Media No. 1 in the World Despite Strong Australian Jobs Report, AUD/USD Failed to Soar Higher Despite Strong Australian Jobs Report, AUD/USD Failed to Soar Higher
InstaForex

June 17, 2021

Despite Strong Australian Jobs Report, AUD/USD Failed to Soar Higher

 The decline in prices was hard to contain again on the AUD/USD currency pair chart following the results of the FOMC meeting earlier this morning which saw a surge in the value of the US dollar in the market.


The Federal Reserve (Fed) in its latest policy meeting has delivered a hawkish-toned statement looking at the rate hikes to be expected in subsequent years.


The price on the AUD/USD chart yesterday initially moved horizontally above the 0.77000 level before plunging 100 pips to hit the 0.76000 level following the results of the FOMC meeting.


The decline is seen to have managed to break the price support zone at 0.76500 to add further indications for a bearish trend after the price movement below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the AUD/USD chart since the beginning of the week.


Resuming trading in the Asian session on Thursday morning saw prices make a rebound following the market reaction to the Australian jobs data report for May published with encouraging readings.


However, the rally is seen failing to break the 0.76500 level in the SBR (support become resistance) zone with expectations for the price to continue lower in subsequent sessions following the strengthening of the US dollar.



The decline will test the support zone at 0.75700-0.75300 which has not been broken by the price in 2021 trading and was only tested in early April.


A lower decline below the zone will mark the latest lows this year which is also the lowest level for a 6 -month trading period.


As for the bullish situation, if the price manages to pass the SBR zone of 0.76500, the price will retest last week's resistance level around 0.77600.


Next, the resistance zone of 0.78300 will be the price target for the continued uptrend momentum.