The Aussie dollar fell in Asian session on Thursday, after attempt at psychological 0.8000 barrier failed. The pair spiked at 0.7988 after Australian jobs data showed solid readings, coming along with expectations, but gains were short-lived.
Profit taking action pushed the price lower with dip being so far contained by the top of thick hourly cloud at 0.7915, however, deeper pullback cannot be ruled out as daily studies are strongly overbought.
Overall structure remains bullish and favors dip-buying for extension of steep upleg from 07 July low at 0.7572.
Extended dips below hourly cloud (spanned between 0.7865/0.7915) should find support above 0.7840/30 supports (Fibo 38.2% of 0.7572/0.7988 / length of corrective fourth wave from 0.7988) to keep bulls in play.
Break below 0.7786 (18 July trough / rising Tenkan-sen) would generate stronger bearish signal and sideline near-term bulls for deeper correction.
RBA Assistant Governor Debelle is due to speak on Friday and may further influence pair’s near-term action.
Res: 0.7959, 0.7988, 0.8000, 0.8044
Sup: 0.7915, 0.7890, 0.7830, 0.7800
