- Outlook AUD / USD indicates further weakness in the labor market in Australia.
- The Australian economy lost 5,400 jobs compared to a forecast of 21,200.
- The dollar gained after the feeding rate to be expected on Wednesday.
Outlook AUD / USD indicates a further weakness in the labor market in Australia that could increase the pressure on RBA to lower borrowing costs. However, traders continue to keep the Central Bank this month. Meanwhile, the dollar was acquired after feeding rates are expected.
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Data on Thursday found that 5,400 jobs lost in Australia’s economy compared to the forecast of the addition of 21,200. Data on the fall pointed out the weakness in the labor market. However, it was not enough to significantly transfer the appearance to reduce rates. Traders continue to expect RBA to hold rates this month. As a result, the Australian dollar recovered after the initial fall.
“Employment growth ran out of money, with her head a little has changed since four months,” Sean Langcake said, head of macroeconomic forecasts for Oxford Economics Australia.
“We don’t think these data are bad enough to file RBA into action this month. But another incision is expected in November.”
In the meantime, the dollar gained after the feeding rate to be expected on Wednesday. However, the view remains dimmed for the currency, because the central bank intends to continue to facilitate borrowing costs this year.
AUD / USD Key events Today
AUD / USD Technical Outlook: Bears and bulls Battle about 30ths
On the technical page, AUD / USD price recovered to reset 30ths after a recent break below the line. The break indicated the current transition to the feeling in the bear. However, for maintaining new bias, the price must remain below SMA and RSI under 50.
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Before the accommodation Axis, AUD / USD is traded in the steep Bikarska trend, taking place above the 30ths. At the same time, it became more high and lower, until the level of resilience at 0.6700 occurs. Here, the price formed a large upper air on the bear candle, showing rejection of larger prices. As a result, the price pierced below SMA.
If the SMA is like resistance, the bears will get the opportunity to target the level of support from 0.6550. At the same time, the price can begin to make lower high and lower. On the other hand, if the bulls are switched above the SMA, the price is likely to cause a 0.6700 resistance for the new high.
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