AUD: $0.7700 is proving to be quite a formidable cap - BBH

Research Team at BBH, suggests that the $0.7700 is proving to be quite a formidable cap in the Australian dollar. 

Key Quotes

“It finished the North American session above there, spurring talk of a breakout.  However, a disappointing jobs report has seen the Aussie reverse lower. This is potentially important price action.  Initially, it had risen through yesterday's high and had subsequently been sold through yesterday's lows.  A close below yesterday's low (~$0.7660) could be regarded technically as a key reversal.  A break of $0.7650 could spur an initially move toward $0.7600, and perhaps $0.7500. 

For the record, Australia lost 53.0k full-time positions and grew 43.2k part-time jobs.  The unemployment rate, slipped to 5.6% from a revised 5.7%, while the participation rate unexpectedly fell to 64.5% from 64.7%.  The net job loss of 9.8k contrasts with median expectations of a 15.0k gain.  Adding insult to injury, the August job loss was revised to 8.6k from a 3.9k drop.”