Australian employment overview
The Australian monthly jobs report for April is expected at 01:30 GMT today, and the Australian unemployment rate is expected to remain steady at 5.5%, while the Australian employment change is expected to clock in at +20 thousand, a moderate clip higher than the previous reading of only 4.9 thousand. As noted by Westpac, the employment report is “probably less important for the RBA than the (sluggish) wages data yesterday but tends to have a larger impact on the AUD”.
How could it affect the AUD/USD?
The AUD/USD has wound up mostly directionless for May, and a turnaround for macro figures for the Australian economy could help the Aussie begin pricing in a turnaround against the Greenback, but as FXStreet’s Valeria Bednarik points out, technical bearishness still poses a risk: “the 4 hours chart shows that the pair is currently at its daily highs, struggling with bearish 20 and 100 SMA, and with technical indicators recovering ground with uneven strength, the Momentum still shy, but the RSI firmly up at around 55. The main resistance from here is 0.7565 the 38.2% retracement of its latest decline, with really solid figures required to see the pair breaking above it.”
Support levels: 0.7500 0.7470 0.7435
Resistance levels: 0.7565 0.7590 0.7625
Key notes
AUD/USD analysis: Australian employment and inflation data up next
AUDUSD: Support will be seen at 0.7500
About the Australian Employment Change
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).
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