The Australian Bureau of Statistics (ABS) will release the April employment report at 01:30 GMT on Thursday. Australia’s unemployment rate is set to hold steady at 5.6% in April. AUD/USD has stalled its recovery from last week’s low of 0.7687. An upside surprise to the employment data could lift the aussie towards 0.7850, FXStreet’s Dhwani Mehta briefs.
AUD/USD probable scenarios
“The OZ economy is likely to see 15K jobs addition in April after creating 70.7K employment opportunities in March. The participation rate is expected to hold steady at 66.3%. The Unemployment Rate is expected to remains unchanged at 5.6% after dropping 0.2% in the previous while sitting at the lowest levels since March 2020.”
“An upside surprise in the jobs data is needed to recall the aussie buyers, which could drive AUD/USD back above 0.7800. Further up, the critical horizontal trendline resistance near 0.7850 could be challenged.”
“On disappointing figures, the aussie is likely to put solid support around 0.7715 at risk. That level is the confluence of the 50 and 100-day simple moving averages.”
“The aussie’s reaction to the employment report could be also influenced by the persisting market mood, especially in light of the release of the FOMC April meeting’s minutes on Wednesday.”
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