AUD/USD: sold-off although remains relatively robust

AUD/USD is trading at 0.7632, down -1.15% on the day, having posted a daily high at 0.7736 and low at 0.7624.

AUD/USD has been slammed on the jobs numbers overnight although remains relatively robust considering the weakness in the data and holds the 0.76 handle still. The greenback is consolidating the downside having made a minor comeback with a drop in the euro instigated by the ECB's meeting that didn't give any clues while the ECB was simply buying time until the December meeting where Carsten Brzeski Chief Economist, Germany, Austria for ING Bank suggested the ECB will announce an extension of QE until the end of 2017, possibly at a slower pace than the current 80bn euro.  

China stabilizing or still too leveraged? - UOB

Meanwhile, China was a supportive factor to the Aussie this week with the GDP Q3 coming in line and suggesting the economy is currently stabilizing but only on thin ice. The jobs data overnight. "For the record, Australia lost 53.0k full-time positions and grew 43.2k part-time jobs," noted analysts at Brown Brothers Harriman, adding, "The unemployment rate, slipped to 5.6% from a revised 5.7%, while the participation rate unexpectedly fell to 64.5% from 64.7%.  The net job loss of 9.8k contrasts with median expectations of a 15.0k gain.  Adding insult to injury, the August job loss was revised to 8.6k from a 3.9k drop." 

AUD/USD levels

Analysts at Brown Brothers Harriman explained that initially, AUD/USD had risen through yesterday's high and had subsequently been sold through yesterday's lows.  "A close below yesterday's low (~$0.7660) could be regarded technically as a key reversal.  A break of $0.7650 could spur an initially move toward $0.7600, and perhaps $0.7500."  

Meanwhile, with spot trading at 0.7633, we can see next resistance ahead at 0.7656 (Hourly 100 SMA), 0.7659 (Yesterday's Low), 0.7662 (Hourly 20 EMA), 0.7676 (Weekly Classic R1) and 0.7677 (Daily Classic S1). Support below can be found at 0.7632 (Daily Classic S2), 0.7624 (Daily Low), 0.7619 (Daily 20 SMA), 0.7612 (Hourly 200 SMA) and 0.7605 (Daily Classic S3).