Employment change

Employment change
Employment change

As you see in the chart, the Aussie has dropped sharply against the US dollar since May 10 and continued till the 20th of August, which means it experienced a price fall of about 800 pips, then the bears started to close their trade, and the price increased to the area of interest 0.7500, which lines up with the fib 50% after that price fall began again and AUD/USD reached to the 0.7170, technically, a double bottom pattern was appearing, but it didn’t complete, this time the bulls took action and started to extend buying and led the price to move up 300 pips from September 30 to October 30.

By now AUD/USD is consolidating, and due to the important news on Thursday morning about the Australia Jobs report and Unemployment rate that predicted 50,000 new jobs have added in October, if this forecast is correct may the price will rise to at least 0.76, the US CPI also can affect on this currency movement until Thursday morning.

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