Australian dollar traders are preparing for more moves in the currency on Thursday morning as key employment numbers are delivered to the market. The data has been very volatile over the last several months with most surprises coming to the topside. The market is expecting to see an increase of 16.7k jobs in March with the Unemployment Rate remaining steady at 4.3% and any deviations from those expectations should see some moves in the currency which has looked particularly fragile in last week or so.
The AUDUSD has dropped over 2.5% since recording an annual high at the beginning of the month after the RBA raised rates as a resurgent dollar and increased global growth fears bought about by the continuing stalemate in the Middle East have led to some strong moves south. It has found some support around the 71-cent level but anything lower than expecting in the data, or a jump in the Unemployment Rate should see this recent trend continue with the next target the long-term trendline around 0.7000. Any thing stronger than expected should see a rally in the pair but in the current conditions expect rallies to be sold into anywhere near overnight highs under 0.7200.
Resistance 2: 0.7277 – 2026 High and Trendline Resistance
Resistance 1: 0.7200 – Previous Support Line
Support 1: 0.6995 – Trendline Support
Support 2: 0.6824 – Long Term Trendline Support
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