Aussie dollar traders are preparing for another busy day on Thursday as they turn their focus back to fundamentals in a week that has so far been dominated by geopolitics. The Australian Employment numbers are due out early in the Asian session and given the volatility that we have seen in these numbers over the past few months, the market is expecting to see some decent moves in the currency around the data release.
The market is expecting the headline Employment Change number to show 19.6k jobs created in September with the Unemployment Rate remaining at 4.6%. Any significant deviation from these expectations should see some strong moves in the AUDUSD.
The Aussie has recovered well from recent lows earlier in the week but is still trading at relatively low levels on the Daily chart. A stronger than expected number, as we got last time out, should see it break through recent intra-day highs to challenge the 200-day moving average, especially if the Unemployment Rate drops, however a weaker print should it trade back down to recent lows in short order.
Resistance 2: 0.7040 – 200-Day Moving Average
Resistance 1: 0.6995 – Trendline Resistance and October High
Support 1: 0.6928 – Trendline Support
Support 2: 0.6902 – October Low
