Technician

Will Employment Numbers Confirm the Technical Breakout?? #AUDUSD

FX:AUDUSD   Australian Dollar/U.S. Dollar
1744 1 42
Australia Employment data is coming in few hours. Interestingly the data comes after the recent bullish breakout we have seen in the AUDUSD             , above 0.7340-0.7350 resistance area , and the short term falling channel. The price is currently retesting 0.7350.
So the main question is, will the employment data confirm this bullish breakout and complete the technical picture of further gains. Continue reading for the possible outcomes and how to trade them in the description below.

Expectations:
Jobs gain of 10K vs 7.3k last month.
Unemployment rate 6.1% from 6.0%.
Last month, full-time employment rose strongly by around 24k while Part-time employment decreased by around 17k. Participation rate was at 64.8% last month and its expected to remain unchanged.

The Bullish rebound scenario of 0.7350-0.7340 support area and the continuation of the recent breakout will be likely if:
  • Job Gains of 10k and above
  • Unemployment at 6.1 and below.
  • Full time employment to continue to increase.
  • Participation rate not to show decline
All conditions should be met for me to trade it(I don't like mixed data)
Long and target 0.7416 and 0.7500

Bearish scenario:
  • Job Gains of 0k and below
  • Unemployment at 6.1 and above.
  • Full time employment to decrease.
Short target at 0.7250.

My best regards
Technician
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el_trader
a year ago
It's possible break the trendline TF 4H. Bears are hard yet. Regards!
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