AUD/USD analysis: Australian employment data up next
AUD/USD Current price: 0.7767
- Australian employment figures could make it or break it for the pair.
- Dollar's sell-off put the AUD/USD back above a key Fibonacci level, now support at 0.7740.
The AUD/USD pair recovered from a fresh 2018 low of 0.7677 achieved during the past Asian session, but spent most of the day attached to the 0.7700 level, unable to attract investors, until the Fed's triggered sell-off sent the pair to the current 0.7770 price zone. A less hawkish Fed and a sharp advance in oil prices backed the Aussie. Up next are Australian employment figures for February. The Asian country is expected to have added 20,000 new jobs in the month, while the unemployment rate is expected to remain unchanged at 5.5%. In January, the country added 16,000 new jobs but saw a large decrease in full-time jobs of almost 50K. Regardless the headline, another sharp decrease in full-time employment, will likely offset any positive headline. Technically, the pair recovered above the 61.8% retracement of its December/January bullish run at 0.7740, now the immediate support. In the 4 hours chart, the pair also advanced sharply above its 20 SMA, while technical indicators neared overbought readings before paring gains, anyway favoring additional advances, particularly on a break above 0.7779, the daily high.
Support levels: 0.7740 0.7700 0.7665
Resistance levels: 0.7780 0.7815 0.7840
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.
