- AUD/USD rejected support level
- Australian Employment Change & Unemployment Rate data
- World Economic Forum Annual Meetings Day 2
Price Movement
Since yesterday, AUD/USD has been moving within a 20pips range until the release of the Australian employment data, where AUD/USD shot up.
Trend
AUD/USD is trending upwards.
Macro Background
The employment change data, a leading indicator of consumer spending that measures the change in the number of employed people during the previous month, was released at a better than expected figure.
The unemployment rate data measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
(Note: The lower the unemployment rate, the more favorable it is for the Australian dollar.)
It was released at a better than expected figure.
Both better-than-expected employment data sent AUD/USD moving upwards.
Important Issue
Day 2 of the World Economic Forum annual meeting. Comments made by highly influential figures may cause market volatility.
Technical
After testing the support level of 0.71339 since yesterday, AUD/USD rejected the level upon the release of the positive Australian employment data.
Price Levels
Current Price: 0.71566
Next Resistance: 0.71339
Next Support: 0.72088