The Australian dollar had a very nice bounce, but it’s all over. From resistance at 0.8820, the pair began sliding down, and these losses severely accelerated with the publication of the excellent US Non-Farm Payrolls report. The US economy gained 248K jobs and previous reports were revised higher.
Update: AUD/USD breaks to the lowest since 2010.
The chart shows that the pair is nearing the double bottom formed earlier in the week, at 0.8660. Will it break or bounce this time?
A lot depends on the ISM Non-Manufacturing PMI. Next week, Australia sees the ANZ ads figure, which is an early indicator for the official jobs report in Australia. It is also released early in the week, in the Australian Monday morning.
For more, see the AUDUSD forecast.
In our latest podcast, we discuss the big events for October:
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