AUDUSD tumbles after stronger jobs report.
The morning video plows through the technicals and risk levels for the EURUSD, USDJPY, GBPUSD, USDCHF and USDCAD. To get my view on those pairs with risks and targets, CLICK HERE.
The AUDUSD is also reacting to the stronger US jobs report where over 500K jobs were added in the month of July, the employment rate moved lower and the wages moved higher.
The Fed is back in play for 75 basis points in September. Yields are higher. The US dollar is higher. Stocks are lower.
Looking at the hourly chart of the AUDUSD, the pair tumbled below the 38.2% retracement at 0.69069 and also a swing area between 0.6911 and 0.69196. Those levels are now close risk for sellers stay below and the sellers remain in firm control.
The pair is down testing a swing area between 0.6874 and 0.68847. The current price trades at 0.6882 as I type.
The 50% retracement comes in at 0.68638 and below that a swing area near 0.6852 would be targeted.
The data was unequivocally strong. The price has broken technical levels in tilted the bias in the short-term to the downside. The risk is a move back above the 0.69196. The price should not move above that area. On the downside the doors open for further downside momentum.