Anchor Level: 1.6530
Preferred scenario: Short positions below the pivot level 1.6530, targeting 1.6355-1.6335 levels
Alternative scenario: Long positions above the pivot level 1.6530, targeting 1.6585-1.6635 levels
Commentary: Positive news for the Australian currency came as a result of adding 110,000 jobs last week after expectations indicated that 40,000 people would lose their jobs, which reduced the unemployment rate to 6.8% After expectations were for 7.7%
On the other hand, the manufacturing PMI data in Europe showed some support after it came in above expectations of 53.7, but the services PMI came in less than the expected 47.6
Technically, the price reached the resistance zone 1.6585-1.6570 and the downtrend line from last June's high, with a false break above these levels
The price fell below the key point of 1.6530, indicating some expected downside, with overbought signs on the RSI momentum indicator
With the Harmonic SHARK pattern at a 113% retracement of the XA leg, the price is heading to its targets at 1.6355-1.6335 levels
