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AUD/USD Breakdown, GBP/AUD Breakout May Be Gathering Shape

AUD/USD Breakdown, GBP/AUD Breakout May Be Gathering Shape

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- Australian Dollar selling intensifies overnight on weak December labor print.

- AUDUSD and GBPAUD at key levels for significant moves.

- US CPI on docket posses risk to AUDUSD selloff.

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A significant miss on the December Australian labor market report (-22.6K jobs lost versus +10.0K jobs added expected) has pushed the Aussie to signficant levels of weakness across the board. Notably, the AUDUSD and GBPAUD may be readying to make signifcant moves in favor of Australian Dollar weakness.

--- Written by Christopher Vecchio, Currency Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.