During the Asian session, the AUD/USD pair fell to the level of 0.7100. The Australia Dollar was losing its positions after RBA board member John Edwards stated the national currency is too strong. In his opinion, a more comfortable level for the AUD/USD pair would be 0.6500.
The Australian currency came under pressure amid the publication of labour market report. In January, Unemployment Rate in Australia was slightly up to 6.0% from 5.8%; Employment Change fell by 7.9K while analysts forecasted a 15K rise.
Today, attention needs to be paid to data on in the US. Consumer Price Index is expected to remain unchanged. In case of a growth in the indicator, the USD might strengthen.
Support and resistance
At present, the pair is trying to break down the level of 0.7100. The Bulls are getting less active.
Support levels: 0.7100, 0.7050, 0.7000.
Resistance levels: 0.7240, 0.7180, 0.7140.
Short positions can be opened below the level of 0.7090 with targets at 0.7050, 0.7000 and stop-loss at 0.7110.
Long positions can be opened from the level of 0.7140 with the target at 0.7200 and stop-loss at 0.7110.