Aussie Strengthens Ahead of Australia’s Job Result, 25+ PIP Volatility Likely; Jan 20, 2021
Australia’s Job Data
Australia’s employment change data is due tomorrow at 0030 GMT/0600 IST. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. If the actual employment change comes higher than expected and actual unemployment rate comes lesser than forecasted, it will be beneficial to Australian dollar.
Let’s see how AUD has reacted during the previous data release:
AUD/USD: The Aussie rises gradually against U.S. dollar and remains well supported above $0.77 mark. The pair made intraday high at $0.7741 and low at $0.7689 mark. A sustained close above $0.7757 will check key resistances at $0.7797, $0.7820 and $0.7854 mark respectively. Alternatively, a sustained close below $0.7677 will test key supports at $0.7620, $0.7590 and $0.7540 mark respectively.
Take a look and do trade wisely!