Australia employment will be released in the new trading day | Forexlive

In the new trading day, the Austrian employment statistics will be released with expectations for an employment change of 15.0K vs. 0.9K last month. The unemployment rate is expected to remain steady in at historically low levels of 3.5%.

The data can be a market mover. So understanding the levels in play is key.

BTW…The Reserve Bank of Australia increased rates by 25 basis points at the last meeting on November 1.

The price of the AUDUSD has been moving higher and in trading yesterday and today, the pair moved and stayed above the falling 100 day MA. That is a tilt in the bullish direction from a technical perspective. That MA level will be a key barometer through the data in the new trading day.

Looking at the daily chart above, the 100 day MA at 0.6697 is the first downside target that if broken would increase the bearish bias. The swing area between 0.6657 and 0.6678 would be the next target area to get to and through.

Moving below those level would give the sellers more of the upper hand from a technical perspective after the run higher over the last month or so of trading that has seen the price move up from a low of 0.6169 to the high reached yesterday and tested today at 0.6797.

Looking at the hourly chart, the 38.2% of the move up from last week’s lows comes in at 0.6640 and would be the next downside target followed by the rising and the 200 hour MA at 0.6585 (and moving higher).

On the topside, a swing area on the daily chart cuts across at 0.6828 to 0.68597. Ahead of that, the 0.6800 natural resistance will be eyed… Move above those levels will have traders thinking of the 50% of the 2022 trading range at 0.6915 followed by the 200 day MA at 0.69586 (see green line on the chart above). The price last traded above the 200 day MA back in early June with one close above that MA line. Getting above would be increase the bullish bias.

Be aware and prepared. Key release in the new trading day.