The pair has held a surprisingly narrow range today after the big selloff overnight, but remains one of the weakest currencies across the board in the last few days. After dropping from $0.8750 midday yesterday Sydney time, to around $0.8560 in the US, the aussie tested that low again today and touched $0.8554 after the market rejected the October jump in full-time employment by 33.4k, to focus instead on the 6.2% unemployment rate that matched September’s recent high, a level last seen in early 2003. Generally gyrating with the USD’s moves against the yen in particular, the aussie remains stronger only against the kiwi today, with tomorrow’s RBA Statement on Monetary Policy looming ahead of Payrolls in the US tomorrow night. Critical support remains at $0.8545, the 50% retracement of the 2008-2011 move from $0.6009 to $1.1081, then $0.8500 but a break of the 50% is a worrying sign for a move towards $0.80. Resistance now at $0.8600/20, $0.8700 and $0.8725
