AUD / USD continued to decline as the labor market weakened
AUD / USD on week 46/2019 continued to decline, but it seems that the decrease has slowed down. In week 45/2019, AUD / USD dropped by 55pip while in week 46, AUD / USD dropped by the only 38pip.
This decline is not due to the impact of the trade war but from concerns about the weakening Australian labor market. The 19.000 job change led to an increase in the unemployment rate from 5.2% to 5.3%, a slight warning about the possibility that inflation will deviate from the target.
Another part that AUD / USD slumped is the psychological resistance of 0.6900 and 0.6800, and it seems the Bulls are trying to beat down at this price zone.
Thus, after checking the 0.6900 zones, AUD / USD has declined but has not reached 0.7000.
This decline is not due to the impact of the trade war but from concerns about the weakening Australian labor market. The 19.000 job change led to an increase in the unemployment rate from 5.2% to 5.3%, a slight warning about the possibility that inflation will deviate from the target.
Another part that AUD / USD slumped is the psychological resistance of 0.6900 and 0.6800, and it seems the Bulls are trying to beat down at this price zone.
Thus, after checking the 0.6900 zones, AUD / USD has declined but has not reached 0.7000.