Australia: Subdued employment data expected
The AUD/USD pair is battling with the 0.6700 figure and not far from over a one-decade low of 1.0661 heading into the release of Australian employment data. Valeria Bednarik from FXStreet with the preview.
“The country is expected to have added 10,000 new jobs in January, after adding 28,900 in the previous month.”
“The unemployment rate is seen ticking to 5.2% from 5.1% while the participation rate is seen steady at 66%.”
“A better market mood ahead of the release is helping AUD/USD to stay afloat, although unable to run beyond the 0.6700 level. A critical support level comes at 0.6661.”
“Large stops should be gathered below 0.6660, and once triggered, may spur a bearish run toward the 0.6600 level.”
“Upbeat numbers could trigger some profit-taking, leading to a bullish correction. However, it seems unlikely that the pair could sustain gains beyond the 0.6740 price zone.”