FXStreet (Cocoa) – The AUD/USD is extending declines following US jobless claims. After falling 85 pips from 0.7715 in the day, the AUD/USD is trading at lows since April 15 at 0.7630.
The Australian Dollar is trading lower against the US Dollar as the pair is trading under pressure amid USD strength.
US added 282K initial jobless claims in the last week, above expectations. But data remains at multi-year lows and adds reasons to believe labor market is improving. The jobless claims chart shows that initial jobless claims remain below the 300K mark for the 12th week in a row.
AUD/USD after Initial Jobless claims
Currently, AUD/USD is trading at 0.7633, down 1.27% on the day, having posted a daily high at 0.7763 and low at 0.7630. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
AUD/USD levels
If the pair extends declines beyond 0.7630, it will find supports at 0.7600 and 0.7580. To the upside, resistances are at 0.7650, 0.7670 and 0.7715.
(Market News Provided by FXstreet)