The Australian dollar accelerated to new eleven-year low (0.6621) on Thursday, after Australian unemployment rose above expectations (Jan 5.3% vs 5.2% f/c and 5.1% Dec) while 13.5K new jobs were created in January, above 10K consensus but well below 28.9K in December.
Fresh weakness extends bearish cycle from 0.6745 (13Feb high) into sixth straight day, with break below former low at 0.6662 (7 Feb), signaling an end of short corrective phase and continuation of larger downtrend.
Oversold daily techs give initial signal that bears may run out of steam soon, with bids expected at 0.6600 zone.
Consolidation is expected to precede fresh weakness, which sees no significant obstacles en-route to 0.6261 (Fibo 76.4% of 0.5773/1.1079).
Initial resistance lays at 0.6662 ahead of 0.6700 zone (falling 10DMA / bear-trendline off 0.7032 high) which is expected to cap extended upticks and keep bears intact.
Res: 0.6662, 0.6694, 0.6715, 0.6749
Sup: 0.6621, 0.6600, 0.6574, 0.6541
