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Technical Analysis: AUDUSD inches closer to monthly horizontal support after Aussie employment data

Broad US dollar strength, coupled with downbeat Aussie jobs report for April, finally dragged the AUDUSD pair below an ascending trend line since April 21. Sellers currently target the horizontal area around 0.6380/70 while its further fall might not hesitate to aim for 0.6252/50 area comprising April 21 low and early-April 09 high. It should, however, be noted that 61.8% Fibonacci retracement of April month upside, near 0.6200, could question the bears afterward.

If at all the Aussie pair bounces back beyond 0.6435 trend line figures, 0.6500 could regain buyers' attention. Though, the quote's additional upside past-0.6500 may only have 0.6530 to please the bulls as 0.6560/70 area acts as a tough nut to crack for them.

Other than the technicals, fundamentals also favor the Aussie pair's fall as the greenback is back in demand amid broad risk-off. Even so, today's US Jobless Claims and headlines concerning Fed, global trade and the coronavirus will be important to follow.

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