- Global trade news continues to become an important catalyst.
- Australian employment numbers are in the spotlight for now.
AUD/USD is taking the rounds to 0.6930 during the early Asian session on Thursday as Aussie traders await monthly jobs data.
With the US-China tariff war risk looming across the global markets, news concerning the US delaying car import duties by six months and is close to a deal with Canada and Mexico that can avoid metal tariffs tried restoring investors’ confidence off-late.
The US 10-year treasury yield, considered as a barometer of global risk, initially dropped to 2.36% but later on improved to 2.38% as trade optimism sneaked.
Looking forward April month employment change and the unemployment rate will be crucial to watch considering the Reserve Bank of Australia’s (RBA) latest statement emphasizing the need to lower the unemployment rate.
Forecasts suggest a 14.0K increase in employment change from 25.7K prior with a likely rise in the unemployment rate to 5.1% versus 5.0% earlier.
Also in the data line is China’s April month housing price index and foreign direct investment (FDI). The housing price gauge grew 10.6% in its previous release whereas FDI marked 6.5% rise during prior readouts.
Technical Analysis
With the 0.6900 round-figure and January 2016 lows near 0.6830 still being untouched, chances of the pair’s pullback to four-week-old resistance-line at 0.6975 can’t be denied. Also, pair’s sustained run-up beyond 0.6975 can avail 0.7000 and 0.7050 as intermediate stops ahead of questioning 50-day simple moving average (SMA) near 0.7075.
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