The Australian Bureau of Statistics is set to release the latest employment data midway through the Asian trading session today, and foreign exchange traders are expecting to see some strong moves in the currency as it sits close to key technical levels. The market anticipates an increase of around 20,000 jobs over the last month, with the unemployment rate creeping slightly higher to 4.1% from 4.0%. Any significant deviation from these figures could result in a sharp movement in the Aussie Dollar.
The currency is sitting close to annual highs despite a rate cut from the Reserve Bank on Tuesday. A stronger employment change or a drop in the expected unemployment rate could see it break through resistance levels and reach new annual highs. Conversely, a weaker print or an increase in the unemployment rate would likely see it fall back into recent trading ranges.
Resistance Levels:
- Resistance 2: 0.6550 – Daily 200-Day Moving Average
- Resistance 1: 0.6374 – 2025 High and Trendline Resistance
Support Levels:
- Support 1: 0.6314 – Hourly 200-Day Moving Average
- Support 2: 0.6085 – 2025 Low and Trendline Support
