Aussie dollar traders are preparing for a volatile session on Thursday with key employment data due out during the morning of the Asian session. These numbers have been extremely volatile over the past few months with results coming in widely off expectations on both sides of the spectrum, causing big moves in the currency. The market is expecting the jobs numbers to have increased by 11k last month with the Unemployment Rate remaining steady at 4.4%. There was a similar expectation for the headline number last month but we got a topside surprise of 76k more jobs which saw the currency rally strongly, but we have also seen high variances to the downside in the last few month as well which saw strong selling in the pair.
AUDUSD is currently trading in the middle of recent ranges and has been in an uptrend since late June and a surprise print in the data could see it challenge either side of the range, especially if it moves in line with the dollar side of the equation. Strong support levels on the daily chart now come in around the 0.6950 level while resistance sits up just above 72 cents with stronger levels up at the annual high just under 0.7300.
Resistance 2: 0.7277 – 2026 High
Resistance 1: 0.7232 – Trendline Resistance
Support 1: 0.6969 – Trendline Support
Support 2: 0.6944 – 200 Day Moving Average
