AUD/USD continues to lose ground this week. Currently, the pair is trading at 0.6877, down 0.2% on the day. On the release front, the U.S. releases UoM consumer confidence, with an estimate of 97.8 points.
Australian employment numbers were mixed on Wednesday. The economy created 28.4 thousand jobs in April, marking a 3-month high and crushing the estimate of 15.2 thousand. However, the unemployment rate climbed to 5.2%, higher than the estimate of 5.0%. This is the highest level since August. Meanwhile, wage growth has remained fairly steady. Wage price index remained pegged at 0.5% for a second straight quarter. The key indicator has posted gains of 0.5% or 0.6% since the last quarter of 2016.
The Australian general election was a shocker, as Prime Minister Scott Morrison’s conservatives had been widely expected to lose to the center-left Liberals. Morrison had trailed badly in the polls throughout the campaign, but came from behind in stunning fashion to pull off the victory. The markets reacted favorably to the election results, and AUD/USD climbed as high as 1.0% on Monday. The pair is coming off a dismal week, falling 1.9%. This marked its sharpest decline since early February.
Friday (May 17)
- 10:00 US Preliminary UoM Consumer Sentiment. Estimate 97.8
- 10:00 US Preliminary UoM Inflation Expectations
- 10:00 US CB Leading Index. Estimate 0.2%
- 13:40 US FOMC Member Clarida Speaks
*All release times are DST
* Key events are in bold
AUD/USD for Friday, May 17, 2019
AUD/USD for May 17 at 9:55 DST
Open: 0.6892 High: 0.6897 Low: 0.6865 Close: 0.6877
AUD/USD was flat for much of the Asian session and showed limited movement in the European session. AUD/USD has posted small losses in the North American session.
- 0.6825 is providing support
- 0.6968 is the next resistance line
- Current range: 0.6825 to 0.6968
Further levels in both directions:
- Below: 0.6825, 0.6744 and 0.6686
- Above: 0.6968, 0.7085, 0.7190 and 0.7240
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.