AUD/USD steadies near 0.69 after falling on uninspiring Australian jobs data


  • Unemployment stays unchanged at 5.2% in Australia in May.
  • US Dollar Index stays calm following yesterday's rebound.

The AUD/USD pair came under a renewed bearish pressure following the labour market data releases from Australia and dropped to its lowest level in nearly two weeks at 0.6901. As of writing, the pair was moving sideways in the lower half of its daily range, losing 0.27% on a daily basis.

The Australian Bureau of Statistics on Thursday announced that the unemployment rate in May remained steady at 5.2% to come in slightly better than the market expectation of 5.1%. Underlying details of the report further revealed that full-time employment increased by 2,400 following April's decline of 6,300.

Assessing the jobs report, “With the RBA believing that an unemployment rate of 4.5% (perhaps even lower if Assistant Governor Luci Ellis is to be believed) is now necessary to push inflation higher, and today's figure showing the gap between the current unemployment rate and the full employment rate as wide as ever, about the only conclusion you can draw is that the RBA will need to provide further monetary stimulus to bridge that gap,” ING analysts said.

In the second half of the day, weekly jobless claims and import/export price data from the U.S., which are likely to be ignored by the market participants, will be released. Ahead of these data, the US Dollar Index is virtually unchanged on a daily basis at 96.95.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6905
Today Daily Change -0.0023
Today Daily Change % -0.33
Today daily open 0.6928
 
Trends
Daily SMA20 0.6931
Daily SMA50 0.7013
Daily SMA100 0.7066
Daily SMA200 0.7118
Levels
Previous Daily High 0.6964
Previous Daily Low 0.6924
Previous Weekly High 0.7022
Previous Weekly Low 0.6927
Previous Monthly High 0.7062
Previous Monthly Low 0.6862
Daily Fibonacci 38.2% 0.6939
Daily Fibonacci 61.8% 0.6949
Daily Pivot Point S1 0.6913
Daily Pivot Point S2 0.6899
Daily Pivot Point S3 0.6873
Daily Pivot Point R1 0.6953
Daily Pivot Point R2 0.6979
Daily Pivot Point R3 0.6993

 

 

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