AUDUSD hovers near a one-month low as the release of the Australian labor report approaches

AUDUSD has faced increasing pressure over the past few sessions, with a fresh decline on Wednesday driving the price to a one-month low of 0.6668.

The break below the 100-day moving average (0.6693) and the penetration of the thick, rising Ichimoku cloud on the daily chart (spanning from 0.6690 to 0.6586) signals bearish momentum. A confirmed daily close below these levels would open the door for further declines toward the next targets at 0.6645 (50% retracement of 0.6348/0.6942 and weekly Kijun-sen) and 0.6626 (200DMA).

The bearish crossover of the daily Tenkan-sen and Kijun-sen, coupled with strong downside momentum, adds to the negative near-term outlook. Resistance levels at 0.6693, 0.6715, and 0.6723 (100DMA, broken Fibo 38.2%, and 55DMA, respectively) are expected to limit any upside moves, with the upper pivot at 0.6760 (daily Tenkan-sen) remaining key.

Traders are now focused on Australia’s September labor report, due early Thursday, for new signals.

Res: 0.6693; 0.6715; 0.6726; 0.6760
Sup: 0.6645; 0.6626; 0.6586; 0.6575