FX.co ★ AUD/USD

Hello traders, In August, Australia lost 5400 jobs, yet the unemployment rate remained at 4.2%. The Reserve Bank of Australia closely monitors these indicators to assess the state of the economy. A stable unemployment rate indicates a resilient labor market, but a decline in employment levels shows that some people may be refraining from job hunting, which could be a worrisome signal if this trend persists. Overall, the Australian dollar is currently unable to compete with its American counterpart. Although it may be too early to talk about a trend reversal for the AUD/USD pair when viewed from a technical standpoint, the fundamentals lean towards the realization of this scenario. Sellers have breached the H4 Kijun line and the level of 0.6652 (Murray 5.8) and approached the Ichimoku cloud. The next obstacle in their path is the base of the 66th figure (Murray 4.8). At this support level, the decline may pause, and a correction could even occur. The MACD indicator is moving into the negative territory, signaling a continuation of the downward movement.