Australian Employment Preview: AUD/USD to continue marching higher unless dismal report


Australia is set to publish on Thursday at 00:30 GMT its November employment figures and the country is expected to have added 50,000 new jobs in November. Meanwhile, the AUD/USD pair is consolidating at two-year highs and poised to extend its rally, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“Australia is expected to have added 50K new jobs after gaining 178.8K in the previous month. The unemployment rate is foreseen unchanged at 7%, and the same goes for the participation rate, which is expected at 65.8%.”

“Employment figures need to be extremely discouraging to trigger a bearish extension, which anyway will likely be a corrective decline. The AUD/USD pair would need to break below 0.7450 to gain strength downwards, while below 0.7370, the risk of further declines will increase.”

“An upbeat report could result in the aussie surpassing the 0.7600 threshold and extending its gains towards the 0.7660 area.” 

 

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