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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Chart of the day- AUDUSD (18.08.2022)

08:04 18 August 2022

The AUDUSD pair fell to its lowest levels in over a week, after mixed data from the labour market caused uncertainty regarding the path of further interest rate increases. The unemployment rate dropped to a 48-year low of 3.4% in July, on the other hand the report also showed a surprise 40,900 drop in net employment for the first decline since October last year. RBA was expected to raise rates by another 50 bp next month, but softening data prompted markets to dial back such expectations. From a technical point of view, the AUDUSD pair pulled back sharply after an unsuccessful attempt to break above 200 SMA (red line) and is currently testing major support at 0.6900, which is marked with previous price reactions and 50 SMA (green line). Should break lower occur, downward move may accelerate towards recent lows at 0.6717.

AUDUSD, D1 interval. Source: xStation5

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