Sun, Jan 17, 2021 @ 06:38 GMT
Home Contributors Fundamental Analysis AUD/USD – Markets Eye Employment Data, RBA's Lowe

AUD/USD – Markets Eye Employment Data, RBA’s Lowe

The Australian dollar has been on a red-hot streak since April, racking up gains of 15.4% in that time. However, the plucky Aussie has taken a pause and is unchanged in the month of August. Is this hiatus a temporary blip, or has the Australian dollar finally run out of steam?

Aussie fundamentals started the week on a sour note, as NAB Business Confidence fell to -14 in July, down from +1 beforehand. The indicator has eked out only one gain since November, as the business sector is clearly pessimistic about economic conditions. On Thursday, we’ll get a look at key employment numbers. The economy is projected to create 30.0 thousand jobs, which would be a huge drop from the previous release of 210.8 thousand. The unemployment rate is expected to increase for a fifth straight time, with a forecast of 7.8%, up from 7.4%. Later on Thursday, RBA Governor Philip Lowe testifies before a parliamentary committee. It has been a relatively quiet week for AUD/USD, but traders should be prepared for stronger movement on Thursday.

AUD/USD Technical

AUD/USD is trading at 0.7149, up 0.09% on the day. The pair lost ground late in the Asian session but recovered in European trade

  • 0.7123 is a weak support line. Below, there is support at 0.7101
  • 0.7178 is the next resistance line, followed by 0.7211
  • The 10-day MA remains relevant. Currently, it is trading just below the pair, at 0.7163
MarketPulse is a forex, commodities, and global indices research, analysis, and news site providing timely and accurate information on major economic trends, technical analysis, and worldwide events that impact different asset classes and investors. This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.

Featured Analysis

Learn Forex Trading