Aussie dollar traders will be preparing for a busy day in the Thursday session, with key employment data due out that could add even more volatility to the pair. Wage Price Index data came in slightly stronger than expected (0.9% vs 0.8%) in today’s session, and another stronger result tomorrow could lock in a resilient jobs market and strengthen the Aussie both on the majors and the crosses.
Market expectations are for the headline Employment Change data to show an increase of 21k jobs in April, with the Unemployment Rate remaining steady at 4.1%. Jobs numbers have been fairly volatile across the course of 2025, and another strong deviation from those expectations could see good moves in the currency.
The Aussie has been trading in a relatively wide range (0.6330/0.6515) over the last few weeks, as geopolitical factors have seen it drive from one side to the other, and is now trading close to the top end of that range. A stronger print, coupled with today’s Wage Index number, could see it break to the topside, with weak stop-loss orders above 0.6515 likely to add to the momentum. However, a weaker number and a possible jump in the Unemployment Rate would see it fall once again back into the range.
Resistance 2: 0.6515 – 2025 High
Resistance 1: 0.6499 – Trendline Resistance
Support 1: 0.6383 – Trendline Support
Support 2: 0.6354 – May Low
