We’re approaching the lowest level since June 5th and heading towards the strong 0.9200 support level after the aussie jobs figures missed by some margin.
In the way before that we have the former October 2013 resistance line which is currently at 0.9250.
AUD/USD Daily chart 07 08 2014
The 0.9200 level has been the scene of support this year and it’s being backed up further by the 55 wma. The whole 0.9175/200 area is hefty bag of technical support containing the 38.2 fib of the 2014 lo/hi and the March 2011 support line.
AUD/USD Weekly chart 07 08 2014
The 0.9200 level is my prefered point to reload up some longs as it’s looking a very decent level. 0.9000 is still my break point for longs up here and the risk for longs is a further strengthening of USD on the back of Fed expectations. Many more jobs reports like this though and it might not matter what the Fed does as the aussie central bank may switch to a more dovish tone if the economy starts to turn south.
