The Australian dollar continues to drift lower after the soft jobs report and is nearing Tuesday`s low of 0.9464.
The AUDUSD bounce this week faded at the 38.2% retracement of the late October swoon, which is a negative signal. There is a potential for a head & shoulders top that would target below 0.9000 but I would be patient on the neckline and wait for a break below 0.9422 for confirmation.
AUDUSD daily chart
Fundamentally, it would take some extremely strong US data or taper talk on the USD side. On the Aussie side some more negative headlines like today`s jobs report a round of risk aversion might be the trigger.
