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And again, let's go back to the Australian dollar or rather to the AUD/USD currency pair.
The fact is that today at 01:30 (London time), data on the Australian labor market was published, which turned out to be mixed
For example, unemployment rose to 5.3%, although it was assumed that it would be at the level of 5.2%. But employment in Australia rose to 13.5, although it was expected to grow by only 10 thousand.
What to do in this situation and where to move the price? We decided that everything is simple - on a downward trend.
Daily
At the time of writing, the pair is under selling pressure and is trading below the important support level of 0.6663. Let me remind you that the minimum trading values on February 7 were shown here and this level has been holding back further falls for a long time. But everything ends sooner or later.
The key support area for AUD/USD can be considered the area of 0.6663-0.6632. If today's trading closes at 0.6632, there is a high probability of strengthening the downward trend, which will aim at the psychological and technical level of 0.6000. Of course, this will not happen tomorrow or the day after tomorrow, it will take some time.
However, the market often experiences dramatic and abrupt (sometimes unexpected) changes, so I do not think it is advisable to look so far.
At the moment, the main trading idea for the pair remains sales, which are better to open after corrective pullbacks up. Question: will they give such an opportunity? Let's go to lower timeframes and look for options for entering the market by trend.
H4
As seen on the 4-hour chart, even the support level of 0.6663 that was broken on this timeframe could not be rolled back. The strength of bearish moods affects, which have all the chances of continuing.
Right now, the pair is trading near 0.6625, which is slightly below 0.6632. Most likely, today's current lows at 0.6622 will be updated, however, I consider it risky and unproductive to sell at the very bottom of the market and even near a strong support area.
On the other hand, there are no signals of a corrective recovery of the "Aussie" yet. If we assume (or dream) that there will be a correction, then the price area near 0.6700 looks good for opening short positions. First, this is a fairly strong technical level in itself. Second, there are 50 simple moving average and a resistance line built on the points of 0.7032-0.6734.
H1
Judging by the picture that is observed on the hourly chart, the pair is preparing to update the lows of the previous hour. There is no trace of the correction that started and the bears have very tight control over the pair.
If we consider the option for the next sales, this is technically justified after the rise to 50 simple moving average, which is located at 0.6677. And given the broken support level of 0.6663, the nearest zone for opening short positions on the "Aussie" is 0.6660-0.6680.
You don't want to sell at the bottom of the market, so it's better to do it after corrective pullbacks up. At the moment, there are no other trading ideas, as well as signals for purchases.
Good luck!
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