The US dollar gained strength over the Australian dollar during todays trading session after the release of downbeat Australian employment data. Official data earlier showed that the number of employed people in Australia fell by 300 in July, confounding expectations for an increase of 12,000. June’s figure was revised down to a 14,900 gain from a previously estimated 15,900 rise.
The report also showed that Australia’s unemployment rate rose to 6.4% last month, from 6.0% in June, which even brought more weakness to the single currency against all its rivals. Analysts had expected the unemployment rate to remain unchanged in July.
Intra-day bias remains on the downside as a fresh cross of 21 and 55 EMA’s is seen on the 1hour charts. MACD, RSI and SSRC oscillators are still showing more sign of decline in the pair. More decline to 0.92708 supports is expected.