The Australian Dollar (AUD) slid down against the U.S. Dollar (USD) on Wednesday, decreasing the price of the AUDUSD pair to less than 0.7400, ahead of the release of the Australian Employment Change news.
Technical Analysis
As of this writing, the AUDUSD pair floats around 0.7367. Should the price drops further, the pair might find some support near the listed price levels.
Short-Term Support
0.7337 – the low of July 27, 2021
0.7294 – the 38.2% Fib level support
0.7234 – the lower trendline arm
Daily Chart Source- MetaTrader4
On the upside, the price of the pair might face some resistance near the listed price levels.
Short-Term Resistance
0.7394 – the high of September 09, 2021
0.7411 – the major horizontal resistance
0.7458- the high of November 03, 2021
Australian Employment Change News
The Australian Bureau of Statistics anticipates releasing numbers for the Australian Employment Change news tomorrow (November 11, 2021). According to economists, the employment change news registered a reading of 50K in October compared to the reading of -138K in the month before.
Employment Change is a measure of the change in the number of people employed in Australia. In general, a rise in this statistic has good implications for consumer expenditure, which boosts economic growth. Generally speaking, a higher reading is considered bullish for the AUDUSD, while a low reading is considered negative (or bearish).
Conclusion
Considering the price movements of the pair over the past few days, it may be a better option in the short term if the AUDUSD pair was sold around 0.7394. Due to the volatile nature of the market, however, prices may change and lead to different outcomes.