Does not like lower stocks
The AUDUSD fell again as it is a risk off trade for that pair when stocks seem wobbly. Technically, the pairs fall after the employment report, went down and looked over an edge against a lower trend line on the hourly chart (see chart below). Shorts seemed to have come in against the level (risk low) and taken some profit on the test.
The correction off the trend line low has been modest and stayed below the 38.2% at the 0.69568. The bears remain in control.
The pair is getting comfortable with life under 0.7000. Close risk can be a the 0.6957 area where the 38.2% and also the prior lows for the day are centered (see 5 minute chart below).
