The Australian dollar found some support after the unemployment rate dropped to 3.5% in June. The RSI’s oversold situation caused a brief rebound but the price action remains under pressure after it failed to hold onto 0.6770. The bearish inertia may continue to attract trend followers and 0.6650 would be the next target after momentum pushed below 0.6710. On the upside, the support-turned-resistance at 0.6810 is the first to clear to ease the pressure and 0.6870 a major hurdle before a recovery could take place.
