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October 14, 2020

Be Cautious Ahead of Australia’s Job Data; 25+ PIP Movement Expected in AUD Counterparts

Australia Employment Change & Unemployment Rate

Australia will release Job data 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. In addition, unemployment rate is also viewed as a lagging indicator. The number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Here, employment change must be higher than expected one and unemployment rate must be lower than expected one.

Let’s see how AUD has reacted during the previous data release:

Sept 17

Aug 13

Technical View:

AUD/USD: The Aussie rises gradually ahead of employment data and touches key resistance at $0.7190 mark. The pair made intraday high at $0.7190 and low at $0.7152 marks. On the top side key resistances are seen at $0.7190, $0.7222, $0.7240, $0.7290, $0.7340, $0.7370, $0.7422, $0.7462 and $0.7502 mark respectively. On the other hand, a consistent close below $0.7158 will take the parity down towards key supports around $0.7090, $0.7068, $0.7002, $0.6969, $0.6922, $0.6861, $0.6833 and $0.6799 mark respectively.

Take a look and do trade wisely!
Good Luck

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