Australia had its best-ever employment report and yet the Australian dollar was the worst performer on the week.
The US dollar narrowly beat out the dead-cat bounce in the euro and was the best performer.
G10 performance versus US dollar w-e Sept 12
The dead-giveaway that the Australian dollar was going to continue to fall was when it couldn’t rally, or even hold its ground, after the employment report but the earlier signal of AUD/USD weakness was in the technicals.
AUDUSD daily chart
The breaks of the May/June lows along with the 200-day moving average were textbook sell signals. And this time the textbook was right.
