Australia is scheduled to release its June employment data this Thursday at 01:30 GMT. The country is expected to recover over 110K job positions in June and better figures could send AUD/USD, which is currently at the upper end of its latest range above 0.7000, towards 0.71, FXStreet’s Chief Analyst Valeria Bednarik briefs.
Key quotes
“Australia is expected to recover 112.5K jobs in the month, after losing 227.7K positions in May and roughly 600K in April. The unemployment rate, however, is seen rising to 7.4% after jumping to 7.1% in the previous month and almost two-decade high.”
“An upbeat outcome will likely fuel the ongoing rally in AUD/USD. The immediate resistance and critical level to surpass is 0.7063, the high set last June. Beyond it, the advance could continue towards the 0.7100 figure. Further gains will depend on the market’s sentiment.”
“An immediate short-term support level comes at 0.6990, with a break below it on a dismal employment report exposing the 0.6940/50 price zone. Seems unlikely that the pair could lose the 0.6900 level in the current risk-on scenario, no matter how terrible employment data could be.”
Share
