Aussie dollar traders arrived this morning to find the currency at multi-month lows, anticipating more movement when key employment data is released later today. The market expects an increase of 25,000 jobs for last month, with the unemployment rate steady at 4.1%. Recent releases have exceeded expectations, and given the currency’s current trend, a weaker-than-expected result could intensify the downward momentum. Last night, the Aussie broke support just above 65 cents on the hourly chart, and a poor employment number could strengthen the case for quicker easing by the RBA, potentially pushing the pair toward the long-term support near 64 cents. Conversely, a strong report might spark a rally, though most traders may use it to enter new short positions in the prevailing environment.
Resistance and Support Levels
- Resistance 2: 0.6585 – 200-Day Moving Average
- Resistance 1: 0.6514 – Former Trendline Support
- Support 1: 0.6400 – Long-term Trendline Support
- Support 2: 0.6347 – 2024 Low
