- AUD/USD rejected resistance level
- U.S. Employment Data
Price Movement
Since yesterday, AUD/USD moved up by 50pips before coming back down for around 60pips.
Trend
AUD/USD is currently trending upwards.
Macro Background
The Average Hourly Earnings measures the change in the price businesses pay for labor (excluding the farming industry). It is expected to perform worse than previous month.
The Non-Farm Employment Change measures the change in the number of employed people during the previous month (excluding farming industry). It is expected to perform worse than previous month.
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month. It is expected to remain the same as previous month.
Overall, the expectation for this month’s job report is worse than previous month. If the data released tonight (2130 SGT) is worse than expected, we may be seeing a weakening in the U.S. dollar and AUD/USD will rise.
Important Issue
None.
Technical
Yesterday, AUD/USD tested and rejected the resistance level of 0.72693.
Price Levels
Current Price: 0.72427
Next Resistance: 0.72693
Next Support: 0.72088
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