The Australian Dollar (AUD) rose against the U.S. Dollar (USD) last week, increasing the price of the AUDUSD pair to more than 0.7700 ahead of the release of Australia’s employment news.
Technical Analysis
As of this writing, the AUDUSD pair consolidates around 0.7766. While moving upside, the pair might face some hurdles near the listed price levels;
Short-Term Resistance
0.8002 – the upper trendline arm
0.8100- the psychological level
0.8135 – the major horizontal resistance
On the downside, the pair might find some support near the given below price levels;
Short-Term Support
0.7621- the low of March 07, 2021
0.7500 – the psychological number
0.7412 – the Fibonacci retracement (23.6%)
Australian Unemployment News
The Australian Bureau of Statistics anticipates releasing unemployment data on Thursday (March 18, 2020). Economists expect some improvement in the figures. According to them, the Australian unemployment news might register a reading of 6.3% in February, as compared to a reading of 6.4%, the month before.
The unemployment stats reflect the number of people having no jobs over the given period. Increasing figures indicate a lack of expansion within the labor market of Australia. Generally speaking, rising unemployment numbers weaken the Aussie dollar and suggests a bearish trend for the AUD/USD pair and vice versa.
Conclusion
Considering the price movement of the pair over the past few days, it may be a better option in the short term if the pair was bought at around 0.7700. Due to the volatile nature of the market, however, prices may change and lead to different outcomes.