AUDUSD pair fell sharply this week as the greenback continued to rally against major currencies after elevated US consumer prices brought forward rate hike expectations from the Federal Reserve.
Meanwhile, the Australian employment picture weakened in October after a surprise 46,300 fall in jobs compared to a 50,000 increase expectation, while unemployment registered at 5.2% versus the 4.8% forecast. Reserve Bank of Australia governor Philip Lowe previously anchored his position to keep rates low until 2024 on a view that unemployment needs to be lower to spur wage gains. Yesterday pair broke below 0.7340 level which coincides with 23.6% Fibonacci retracement of the last downward wave. If current sentiment prevails, the downward move may accelerate towards support at 0.7165 which is marked by the lower limit of the 1:1 structure.
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