AUD/USD – Markets eye employment data, RBA’s Lowe

The Australian dollar has been on a red-hot streak since April, racking up gains of 15.4% in that time. However, the plucky Aussie has taken a pause and is unchanged in the month of August. Is this hiatus a temporary blip, or has the Australian dollar finally run out of steam?

Aussie fundamentals started the week on a sour note, as NAB Business Confidence fell to -14 in July, down from +1 beforehand. The indicator has eked out only one gain since November, as the business sector is clearly pessimistic about economic conditions. On Thursday, we’ll get a look at key employment numbers. The economy is projected to create 30.0 thousand jobs, which would be a huge drop from the previous release of 210.8 thousand. The unemployment rate is expected to increase for a fifth straight time, with a forecast of 7.8%, up from 7.4%. Later on Thursday, RBA Governor Philip Lowe testifies before a parliamentary committee. It has been a relatively quiet week for AUD/USD, but traders should be prepared for stronger movement on Thursday.


AUD/USD Technical

AUD/USD is trading at 0.7149, up 0.09% on the day. The pair lost ground late in the Asian session but recovered in European trade

  • 0.7123 is a weak support line. Below, there is support at 0.7101
  • 0.7178 is the next resistance line, followed by 0.7211
  • The 10-day MA remains relevant. Currently, it is trading just below the pair, at 0.7163

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Kenny Fisher

Kenny Fisher

Market Analyst at OANDA
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

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