RBA statement rally fizzles

The RBA statement rally yesterday found sellers near topside trend line resistance. Since then, the price action has been more cautiously to the downside. Granted, the pair has not seen the moves against the USD that currencies like the CHF, JPY or NZD have seen, but it is currently retesting the 100 bar MA on the 4-hour chart at the 0.7351. A move below that level (and staying below) would shift the technical bias a little more to the downside once again.

NOTE that the price has been below this moving average earlier in the day, only to rally back higher (the low reached 0.7334). As a result, staying below the line now will be important.

The next targets are the low from the day and not far from that the 0.7326 low from July 20. A break below that level gets the pair in the meat of the up and down range that dominated from July 24 to yesterday. (the 100 and 200 hour MA are at 0.7310-19 now)

NOTE: Employment will be released in the new trading day (at 9:30 PM ET) with the estimate or 10K employment change (vs 7.3K last month). The unemployment rate is expected to tick up to 6.1% from 6.0% according to survey data.