Aussie dollar traders are preparing for more movement in the currency today with the latest employment numbers due to drop early in the Asian trading session. The Australian job market has remained tight so far this year and is one of the contributory factors in the RBA keeping rates elevated and pushing the prospect of a potential rate hike, while most of the rest of the developed world are looking at easing.
Market expectation is for a 20k increase in jobs over the last month with the unemployment rate creeping up 0.1% to 4.1%. Any strong deviation from these figures should see some significant moves in the currency. The AUD/USD is sitting back in the middle of recent ranges, having had a good run north on the back of a weaker greenback over the last few weeks. Strong resistance on the hourly charts now sits around recent highs just south of 68 cents, with trendline support now around 0.6690. A higher print will see that resistance level challenged and strengthen calls for a rate hike from some quarters, while a weaker print could have a greater impact and push the pair lower through that trendline support.
