News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/Bnih4YvTdg
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZ5LG7
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/09/26/Crude-Oil-May-Rise-as-Covid-Case-Growth-Slows-WTI-Eyes-OPEC-Outlook-Evergrande.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/76e2aGf3p0
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4Cnoc1dk0 https://t.co/NhsMS1EY4b
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/25/SP-500-and-Dollar-Have-Different-Views-for-Last-Week-of-September.html https://t.co/4OBVmrvI7I
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://www.dailyfx.com/free-trading-guides?ref-author=social#forecastschoices=AUD?QPID=30472&CHID=9 https://t.co/LHJi7CNFmM
  • $EURUSD https://t.co/KZyXX6p2oI
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh8pYG3 https://t.co/1zNf5dpDjU
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/z8z6BNudn5
  • #PELOSI SAYS WE ARE GOING TO PASS THE INFRASTRUCTURE BILL THIS WEEK PELOSI SAYS SHE WILL NEVER BRING TO THE HOUSE FLOOR A BILL THAT DOESN'T HAVE THE VOTES TO PASS $USD $SPX $XAUUSD
AUD/USD Clings to Channel Support Ahead of Australia Employment Report

AUD/USD Clings to Channel Support Ahead of Australia Employment Report

David Song, Strategist

- Australia Employment to Increase for Tenth Consecutive Month.

- Jobless Rate to Hold Steady at Annualized 5.6% for Third Month in July.

- Sign Up and Join DailyFX Market Analyst David Cottle LIVE to Cover the Australia Employment Report.

Trading the News: Australia Employment

Australia Employment

Another 20.0K expansion in Australia Employment report may stoke a larger recovery in AUD/USD as it puts pressure on the Reserve Bank of Australia (RBA) to lift the cash rate from the record-low.

A positive development may push Governor Philip Lowe and Co. to adopt an improved outlook at the next meeting on September 5 as ‘various forward-looking indicators point to continued growth in employment over the period ahead.’ In turn, the shift in AUD/USD behavior may continue to unfold in the second-half of 2017 should the RBA gradually alter the monetary policy outlook over the coming months.

However, a dismal employment report may dampen the appeal of the Australian dollar as it encourages the RBA to carry the record-low cash rate into 2018.

Impact that Australia Employment report has had on AUD/USD during the previous print

Period

Data Released

Estimate

Actual

Pips Change

(1 Hour post event )

Pips Change

(End of Day post event)

JUN

2017

07/20/2017 01:30:00 GMT

15.0K

14.0K

-18

+2

June 2017 Australia Employment

AUD/USD 5-Minute Chart

AUD/USD Chart

DailyFX 3Q Forecasts Are Now Available

The Australian economy added another 14.0K jobs in June, while the Unemployment held steady at an annualized 5.6% for the second month even as the Participation Rate unexpectedly climbed to 65.0% from 64.9% in May. A deeper look at the report showed a 62.0K expansion in full-time employment, while part-time positions narrowed another 48.0K during the same period. Nevertheless, the initial market reaction was short-live, with AUD/USD pulling back from 0.7988 to end the day at 0.7955.

How To Trade This Event Risk(Video)

Bullish AUD Trade: Australia Adds Another 20.0K Jobs or More

  • Need a green, five-minute candle following the report to favor a long AUD/USD position.
  • If the market reaction favors a bullish aussie trade, buy AUD/USD with two separate lots.
  • Set stop at the near-by swing low/reasonable distance from entry; look for at least 1:1 risk-to-reward.
  • Move stop to breakeven on remaining position once initial target is met, set reasonable limit.

Bearish AUD Trade: Employment Report Fails to Meet Market Expectations

  • Need a red, five-minute candle to favor a short aussie position.
  • Implement the same setup as the bullish AUD trade, just in reverse.

Potential Price Targets For The Release

AUD/USD Daily Chart

AUD/USD Daily Chart

Chart - Created Using Trading View

  • AUD/USD may continue to retrace the decline from earlier this month as the pair clings to channel support and pushes to a fresh weekly high of 0.7925; the Relative Strength Index (RSI) appears to be highlighting a similar dynamic as it threatens the bearish formation carried over from the previous month.
  • In turn, a move back above the 0.7930 (50% retracement) to 0.7940 (61.8% retracement) hurdle may open up the next region of interest around around 0.8020 (38.2% retracement) followed by the 2017-high at 0.8066.
  • Interim Resistance: 0.8270 (38.2% retracement) to 0.8295 (2015-high)
  • Interim Support: 0.7720 (23.6% retracement) to 0.7740 (78.6% expansion)

AUD/USD Retail Sentiment

AUD/USD Retail Sentiment

Track Retail Sentiment with the New Gauge Developed by DailyFX Based on Trader Positioning

Retail trader data shows 30.8% of traders are net-long AUD/USD with the ratio of traders short to long at 2.24 to 1. In fact, traders have remained net-short since June 04 when AUD/USD traded near 0.74551; price has moved 6.2% higher since then. The number of traders net-long is 12.8% lower than yesterday and unchanged from last week, while the number of traders net-short is 16.0% higher than yesterday and 4.3% lower from last week.

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES