AUD/USD Forecast: Eyes on Australian employment figures

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7479

Australian expected to have added just 30K new jobs in June amid regional lockdowns.
Gold prices soared amid the broad dollar’s weakness post-Powell speech.
AUD/USD holds on to daily highs below 0.7500, bullish strength limited.

The AUD/USD pair posted a modest advance on Wednesday, reaching a daily high of 0.7485, to finally settle a handful of pips below it. The greenback eased as the US Federal Reserve refuses to take a more aggressive monetary policy stance, despite mounting inflationary pressures. Gold prices were on the run, with the bright metal flirting with $1,830 a troy ounce for the first time since mid-June. Australian data was also supportive, as July Westpac Consumer Confidence improved to 1.5% from -5.2%.

Australia will publish June employment figures on Thursday, July 15. The country is expected to have added just 30,000 new jobs in the month, after a whopping 115.2K increase in the previous month. The soft number is a result of the latest regional lockdowns that affected the country, aimed to contain the spread of COVID-19. The Unemployment rate is foreseen rising from 5.1% to 5.5% while the Participation Rate is expected to have surged to 66.3% from 66.2%. The country will also publish July Consumer Inflation Expectations.

AUD/USD short-term technical outlook

The AUD/USD pair consolidates daily gains near the daily high. The near-term picture is neutral-to-bullish, as the 4-hour chart shows that technical indicators crossed their midlines into positive levels, although with limited bullish strength. The price is trading a few pips above a mildly bullish 20 SMA but remains below the longer ones. Chances of a stronger advance seem limited, but the pair could extend gains beyond 0.7500, at least temporarily, on upbeat employment figures.

Support levels: 0.7455 0.7410 0.7370

Resistance levels: 0.7490 0.7530 0.7570

View Live Chart for the AUD/USD

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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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