12 Feb 2015
AUD/USD slumps to fresh lows as Aus jobless rate rises to 12-yr high
FXStreet (Mumbai) - AUD/USD slumped to fresh weekly lows, extending decline for the third straight session and inching towards multi-year lows posted earlier this month, on bearish Australian labour data.
AUD/USD testing lows
Currently, the AUD/USD sinks -0.85% at 0.7650 levels, and is on its way to retest five and a half year lows of 1.7625 levels reached on Feb 2. The Aussie extended losses and plunged to fresh lows after data showed a sharp deterioration in job growth in January. According to the Australian Bureau of Statistics (ABS), Australia's unemployment rate rose 0.3 percentage points to 6.4% In January, the equal highest in the last 12 years.
Net job growth fell by 12,200 in January, with 28,100 full-time positions lost, and 15,900 part-time jobs added. This was much weaker than the median forecast of around 5,000 jobs lost.
Moreover, the pair remains under pressure amid falling commodity prices, including iron-ore, which is Oz economy’ top export product.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7700 levels, above which gains could be extended to 0.7728 levels. On the flip side, support is seen at 0.7625 from here it to 0.7600 levels.
AUD/USD testing lows
Currently, the AUD/USD sinks -0.85% at 0.7650 levels, and is on its way to retest five and a half year lows of 1.7625 levels reached on Feb 2. The Aussie extended losses and plunged to fresh lows after data showed a sharp deterioration in job growth in January. According to the Australian Bureau of Statistics (ABS), Australia's unemployment rate rose 0.3 percentage points to 6.4% In January, the equal highest in the last 12 years.
Net job growth fell by 12,200 in January, with 28,100 full-time positions lost, and 15,900 part-time jobs added. This was much weaker than the median forecast of around 5,000 jobs lost.
Moreover, the pair remains under pressure amid falling commodity prices, including iron-ore, which is Oz economy’ top export product.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7700 levels, above which gains could be extended to 0.7728 levels. On the flip side, support is seen at 0.7625 from here it to 0.7600 levels.