Australia's economy in July unexpected loss about 300 jobs while economists had forecast a reading around 13.5K. In June, there were 14.9K jobs added.Meanwhile, the jobless rate surged to 6.4% from 6.0%. As you can see, the unemployment rate has been rising since dipping to 4.9% in 2011. It is also the highest rate of unemployment since the 6.5% in June 2003. Australia's unemployment rate is now higher than that of the US. In the US, even though lats Friday's NFP disappointed forecast, the jobs market is still improving consistently. The central banks are also diverging in rate expectations. While the FOMC is expected to raise its benchmark rate mid-2015, the RBA is likely to hold for a prolonged period of time, and may even consider cutting the official cash rate. In the 4H chart, you can see the pair staying bearish. 1) Price held below the moving averages.2) The reaction engulfed the last 3 sessions of bullish price action.3) The RSI tagged below 30 last week, and held below 60 this week, showing maintenance of the bearish momentum. (AUD/USD 4H Chart) In the daily chart, you can see that the bearish reaction is indeed shifting the 2014 mode from bullish to sideways to possibly bearish. 1) Price respected the 50-day SMA, which served as support through June-July. This is called a slingshot signal for the bearish outlook.2) Now price is trading under the 100- and 50-day SMAs.3) The market also respected a price top that was formed in June-July. 4) The RSI is falling below 40 showing loss of 2014's bullish momentum. (AUD/USD Daily Chart) Expect traders to sell on a rally at least toward the 0.9180-0.9210 area, which contains1) Key support from April, May2) 200-day SMA3) 38.2% Retracement. This decline can be in the context of a stronger bearish market that would have the 0.90 handle in sight. OR it might just be a large sideways consolidation. In both scenarios, the short-term mode is bearish, so again, expect traders to sell on a near-term rally.