The Australian dollar could not withstand the might of the US dollar. An addition of 295K jobs in February overshadowed a few other disturbing figures within the report, namely jobs.
This ended the good days for the Australian dollar, that fell below 0.78 to lower support, as the chart shows.
The pair is trading around 0.7730 at the time of writing, after having touched 0.7711. This was also a line of support in late January, and it holds well for now. 0.7750, which kept the pair from falling during this past week, now switches into resistance.
Further below, we find 0.7625, which is the multi-year low that keeps the pair from going all the way to the 0.75 level that Stevens mentioned as a preferred value for the Aussie.
Earlier in the week, the Australian dollar enjoyed the relatively surprising decision by the RBA not to cut the interest rates for a second time in a row, and some OK Australian data.
Next week we have Australian job figures. But will the USD continue dominating the pair?
Here is the chart:
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