AUD/USD Forecast: Australian employment data could lift aussie only temporarily
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERAUD/USD Current Price: 0.7621
- Australia will publish May employment figures early on Thursday.
- The American dollar soared after an optimistic US Federal Reserve.
- AUD/USD is technically bearish and could retest the year’s low at 0.7531.
The AUD/USD pair traded as low as 0.7608, a level that was last seen in mid-April. Demand for the American currency coupled with the poor performance of equities, after the US Central Bank announced its latest decision on monetary policy. US policymakers were much more optimistic than in their previous meeting and upgraded economic forecasts and chances of a sooner rate hike in the country.
Australia will report May employment figures this Thursday. The country is expected to have added 30,000 new jobs in the month after losing 30.6K in the previous month. The Unemployment Rate is foreseen steady at 5.5%, while the Participation Rate is seen ticking up to 66.1% from 66% in the previous month. Also, RBA’s Governor Philip is due to deliver a speech titled "From Recovery to Expansion."
AUD/USD short-term technical outlook
From a technical point of view, the AUD/USD pair is bearish and could extend its slide toward 0.7531, this year low. The 4-hour chart shows that the pair stands below all of its moving averages, as technical indicators maintain their bearish slopes within oversold readings. The pair could bounce on upbeat Australian employment data, but after the dust settles, it could resume its slide.
Support levels: 0.7605 0.7575 0.7530
Resistance levels: 0.7640 0.7680 0.7710
AUD/USD Current Price: 0.7621
- Australia will publish May employment figures early on Thursday.
- The American dollar soared after an optimistic US Federal Reserve.
- AUD/USD is technically bearish and could retest the year’s low at 0.7531.
The AUD/USD pair traded as low as 0.7608, a level that was last seen in mid-April. Demand for the American currency coupled with the poor performance of equities, after the US Central Bank announced its latest decision on monetary policy. US policymakers were much more optimistic than in their previous meeting and upgraded economic forecasts and chances of a sooner rate hike in the country.
Australia will report May employment figures this Thursday. The country is expected to have added 30,000 new jobs in the month after losing 30.6K in the previous month. The Unemployment Rate is foreseen steady at 5.5%, while the Participation Rate is seen ticking up to 66.1% from 66% in the previous month. Also, RBA’s Governor Philip is due to deliver a speech titled "From Recovery to Expansion."
AUD/USD short-term technical outlook
From a technical point of view, the AUD/USD pair is bearish and could extend its slide toward 0.7531, this year low. The 4-hour chart shows that the pair stands below all of its moving averages, as technical indicators maintain their bearish slopes within oversold readings. The pair could bounce on upbeat Australian employment data, but after the dust settles, it could resume its slide.
Support levels: 0.7605 0.7575 0.7530
Resistance levels: 0.7640 0.7680 0.7710
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.