AUDUSD – 0.8000 zone holds but recovery limited for now
The Aussie bounces to 0.8043 (Fibo 38.2% of 0.8124/0.7997 pullback) on Wednesday after reversal from fresh high at 0.8124 found footstep at 0.8000 zone, where rising 10SMA contained correction.
Recovery entered thick hourly cloud (0.8025/0.8061) with break above 0.8043 barrier needed to generate initial bullish signal and lift above hourly cloud to confirm reversal.
Bullish setup of daily studies remains supportive, however, the upside action may be limited by strong fall of copper price, which in steep bearish acceleration from two-year high at $3.1770 and broke below psychological $3.0000 support today.
The Aussie dollar is also focusing Australian jobs data, due early Thursday, for fresh signals.
Forecasts show 15K new jobs added in August vs 27.9K new employments in July.
Unemployment in Australia is expected to stay unchanged at 5.6% in August.
Res: 0.8043; 0.8061; 0.8076; 0.8100
Sup: 0.8011; 0.7997; 0.7961; 0.7939