AUDUSD On The Backfoot As Unemployment Data Shocks Markets
Feb, 18th 16:02
AUDUSD trimmed its gains yesterday as Australian unemployment rate unexpectedly climbed to 6% in January. Australian Bureau of Statistics has acknowledged that there were several errors in the previous report, so the current data just reflects the reality of the labor market.
Tonight, the U.S. unemployment claims and Philly Fed Manufacturing Index reports will be released. The figures are expected to worsen compared to the previous ones, which may support the Aussie to climb up again.
AUDUSD is still in an uptrend, as the pair just rallied 100 pips and pulled back for consolidation. The pair is about to retest the resistance at 0.71861.
If AUDUSD successfully breaks out of this level, the next target point will be 0.72414.
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