AUDUSD slides on employment miss as full-time jobs are down by almost 50k in January. What else is unveiled in the 15 February AUDUSD Technical Analysis? Find out!
15 February, GKFX – AUDUSD is trading down following another mixed data release for Australia, with the pair off session highs in the 0.7920 area.
The Australian Unemployment Rate came in at the expected 5.5%, with a small upside beat for Employment Change, coming in at 16k versus the anticipated 15k. Despite this, AUD/USD still dropped following an unexpected contraction in full-time employment of -49.8k versus the previous reading of 12.7k, with the little offset being provided by part-time employment increasing by 65.9k over the previous 19.5k.
Australia has been burdened by mixed economic data and sluggish growth lately, and the Reserve Bank of Australia (RBA) looks set to stand pat on interest rates well into next year, while central banks around the world preparing to begin tightening monetary policy and raising rates on better growth and improved inflation expectations. More details about the RBA’s plans going forward can be expected from RBA Governor Philip Lowe’s speech at 22:30 GMT today.
15 February AUDUSD Technical Analysis
The Aussie caught a much-needed lift on Wednesday following better-than-expected inflation data from the US that sent the Greenback trading lower across the board, but softening employment data will make a continuation of bullish momentum difficult for the pair, with intraday action now capped under yesterday’s high of 0.7934, and short side retracements will run into support at 0.7906 and 0.7888.
Daily candles still show a pair with plenty of bullish potentials, with the Aussie closing higher against the US Dollar for three of the last four trading days, with the 200-day SMA acting as support from 0.7760 and AUD/USD closing back over the 34 EMA at 0.7890.
This article 15 February AUDUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.