Languishes Near 9-Month Lows

After an initial jump on a beat in headline employment data, the weaker breakdown of the data put further pressure on AUD and accelerated losses into the European morning. The greenback rose for a fourth consecutive session on Thursday as risk off sentiment persisted. AUD/USD fell sharply, the pair bottoming out at 0.7142, last up 2 ticks at 0.7149.

• AUD/USD has traded to fresh trend lows as a bearish condition strengthens. The breach of 0.7290 earlier in the week confirmed an extension of the bearish price sequence of lower lows and lower highs, reinforcing the current downward cycle. Price has also cleared 0.7200 and this opens 0.7122 next, a Fibonacci projection and 0.7053 further out, a Fibonacci retracement. Initial resistance is at 0.7290, low Jul 21.
• Main domestic event in the session is a speech from RBA Assistant Governor Kent, who is set to address the FX Markets 2021 Conference. However, we may not get any comments on monetary policy given the topic/arena. Elsewhere focus will also continue to fall on the local COVID situation after yesterday's jump in new cases in both NSW & Victoria.