© Dukascopy Bank SA
"A better-than-expected headline figure was the market's key focus, but a jump in the unemployment rate is the bigger takeaway. The Aussie's rise on the release does not seem sustainable given the generally softer labor trend that the report implies."
-Toronto-Dominion Bank (based on Bloomberg)
Pair's Outlook
Pair managed to step up a bit further since yesterday, but is currently down by 65 pips after receiving a bearish impetus from 200 bar SMA at 1.0295. In addition, technical indicators show a substantial increase in pairs downside risk. It is unlikely that weekly pivot point at 1.0241 will give strong support for the pair, hence further depreciation and attempt to breach cluster of support levels at 1.016/120 is highly plausible.
Traders' SentimentSWFX sentiment on the pair remains strongly bullish, but dropped below a 70% mark for the first time in a week's (67% at the moment). In addition, 67% of pending order are to sell, suggesting a possible major shift in market sentiment in the future.
© Dukascopy Bank SA