AUDUSD came under stronger downward pressure after testing the 0.64 resistance level, intensified by the latest job numbers. Net employment declined by 52.8K in February, an unexpectedly negative figure. Although the unemployment rate remained at 4.1% despite the job losses, this was largely due to a sharp drop in the participation rate, which fell to 66.8% from 67.2%. 

The negative jobs report, combined with resistance at 0.64, appears to have had a stronger impact on AUDUSD than the dovish signals from the FOMC. 

Yesterday, the Fed held rates steady as expected, but the forecasts reflected more stagflationary signals. Growth projections were revised downward, while unemployment and PCE inflation forecasts were revised higher, primarily due to the expected effects of tariffs. Powell clarified that the forecasts account for all planned tariffs, which was seen as dovish, especially when paired with the decision to slow the pace of quantitative tightening. 

(AUDUSD) 

After the rejection from the 0.64 resistance, AUDUSD may look to find some support near the 23.6% retracement level, around the 0.6260–0.6290 zone. While this is not considered a major support area, it could still carry some weight in the short term. However, if this support fails, the next key target is around 0.62. 

The overall medium-term outlook for AUDUSD is turning increasingly bearish, especially with the expected impact of upcoming tariffs.