AUD/USD Forecast: Nearing an over one-decade low at 0.6661
AUD/USD Current Price: 0.6673
- Australian data failed to impress with wages’ growth stagnated at 2.2% YoY.
- Market players now waiting for Australian employment figures.
- AUD/USD bearish stance persists, could approach 0.6600 on a dismal employment report.
The AUD/USD pair has lost ground for a fifth consecutive day, trading a handful of pips above 0.6661, the multi-year low set this month. Data coming from Australia at the beginning of the day failed to impress as the Westpac Leading Index came in at 0.05% in January, slightly better than the previous 0.01%. The six months annualised growth rate fell from -0.28% in December to -0.46% in January. Also, wages growth in the last quarter of 2019 remained stagnated, up by 0.5% in the quarter and by 2.2% yearly basis.
During the upcoming Asian session, Australia will release its latest employment figures. The country is expected to have added 10,000 new jobs in January, after adding 28,900 in the previous month. However, all of these positions were part-time, as the country lost 300 full-time positions. The unemployment rate is seen ticking to 5.2% from 5.1% while the participation rate is seen steady at 66%. Unimpressive numbers will likely see the pair piercing the mentioned multi-year low.
AUD/USD short-term technical outlook
The AUD/USD pair is technically bearish in the short-term, as the 4-hour chart shows that a firmly bearish 20 SMA keeps heading south above the current level, providing dynamic resistance. The 100 and 200 SMA stands above the 0.6800 level with modest bearish slopes, while technical indicators consolidate in negative levels, as the pair holds within its weekly range.
Support levels: 0.6660 0.6630 0.6595
Resistance levels: 0.6730 0.6770 0.6805
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.
