Forecast: How will Australia employment change affect AUD/USD?

ForexNewsNow | Published on October 6, 2010 at 2:05 pm

Forex forecast - a pile of Australian dollarsNEW YORK (Forex News Now) – Australia’s statistics bureau is due on Thursday to publish a key jobs report for September, in one of the day’s major realtime FX news events.

The Australian Bureau of Statistics is expected to say Australian employers added 20,200 new jobs during the month, after adding 30,900 in August, according to two currency market trading news outlets.

The bureau is scheduled to release the report at 12:30 A.M., GMT; as such, the data is likely to dominate Asian currency market trading – along with the publication of Australia’s unemployment rate, which will accompany the data.

Given the current intraday analysis, should Australian employers add more jobs in September, AUD/USD could be lifted toward resistance around 0.9792, the high of July 22, 2008 and one pip above the daily high.

But if the data show a weaker-than-forecast growth in jobs, or even an increase, the currency pair could be pushed toward support around Tuesday’s low, 0.9541.



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