Performance Chart
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Australian employment to be released in the new trading day

What technical levels to eye

In the new trading day, the Australian employment report will be released. The expectations are for a rise or 17K vs +0.3K last month. The unemployment rate is expected to rise to 5.9% from 5.8% last month. The Participation rate is expected to tick up to 65.0% from 64.9%. The high employment rate over the last 12 months has been 6.3%. The low has been 5.8%.

Looking at the hourly chart below, the pair has been moving up and down over the last 20 trading days.

The low has come in at 0.7476. The high at 0.77225. The recent swing highs during that move have come in at:

  • 0.7680 on March 18,
  • 0.77225 on March 31 and
  • today's high at 0.7715.

The price has come of the highs today and trades below each of those highs (currently trades at 0.76618). A move above each will open the door for further gains. There is not a lot of resistance until the pair hits June 18, 2015 high or 0.7847.

On the downside, a weaker number could see the pair rotate lower toward a strong cluster of support against the:

  • 100 bar MA on the 4-hour chart at 0.75899,
  • the 200 hour MA at 0.75945 and
  • the 100 hour MA currently at 0.7599.
  • The 50% of the move down from the March 31 high comes ina at 0.76068.

So on a move lower, expect buyers to give cause for pause at the 0.7590-0.7606 area, with a move below triggering stops.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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