AUD/USD analysis: Australian employment data takes center stage

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7537

The AUD/USD pair gave back some of its latest gains ending the day lower in the 0.7530 region. Data coming from Australia showed that consumer confidence advanced in January, as the Westpac index came in at 97.4 from previous 97.4. During the upcoming Asian session, the country will release its December employment figures, expected to have added 10.0K new jobs in the month, and the unemployment rate steady at 5.7%. The pair is developing within a strong ascendant channel ever since the month started, with the base of the figure for this Thursday around 0.7500, which means intraday declines towards the level will hardly affect the dominant trend. Below it, however, the pair can quickly fall down to 0.7450, a major long term static support. Technically, the 4 hours chart shows that the price remains above a bullish 20 SMA, whilst technical indicators are correcting modestly from overbought readings, still well above their mid-lines but gaining downward strength. If the employment report comes better-than-expected, the pair will likely extend its advance beyond the weekly high of 0.7568, with scope then to approach the 0.7700 region.

Support levels: 0.7500 0.7450 0.7415

Resistance levels: 0.7565 0.7600 0.7640

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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