AUD/USD Might Break Below Uptrend Line Amid Forecast of Strong US Job Openings Data

AUD/USD – Technical Analysis for Forex Trading & CFDs.

Australia – ANZ Job Advertisements

On Monday, at GMT 12:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure. It measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.

Job advertisements usually lead to hiring new employees. So, Forex traders consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.

Last month, the ANZ Job Advertisement figure decreased by -2.7%. This month it increased by 6.2%, indicating that employers are looking to hire more workers in the coming months.

United States – Job Openings (JOLTS)

On Tuesday, at GMT 3:00 p.m., the US Bureau of Labor Statistics will release the Job Openings and Labor Turnover Summary (JOLTS) figure. It measures the number of job openings during the last month.

Although the JOLTS figure excludes the farming industry, Forex investors still consider it as a leading indicator of the overall health of the US economy. This is because new job openings will eventually end up employing someone and it may help gauge the consumer spending in the country.

Last month, the JOLTS Job Opening figure came out at 5.88 million. This month the forecast is set at 5.95 million.

AUD/USD Forecast

By the end of January 2018, the AUD/USD reached the resistance near the 0.8100 level. After a few days of consolidation, the pair turned bearish. Over the last two weeks, the AUD/USD fell by around 300 pips. Currently, it is slowly approaching the last uptrend line, which is near the support zone around 0.7810.

The US job openings figure is likely to go up from 5.88 million last month to 5.95 million this month. On the other hand, analysts are expecting the Australian ANZ job advertisement figure to increase 6.2% over the last month. Nonetheless, the US job openings data carries more weight. Hence, we believe it would set a bearish fundamental outlook for the AUD/USD this week. Therefore, if the AUD/USD closes below the support near 0.7810, it would likely attract additional bearish momentum in the market.

Hence, Australian Forex traders should look out for trading opportunities below this major support level around 0.7810.

BTC/AUD Forecast

The BTC/AUD downtrend had a few days of reversal in the start of February. However, over the last few days, the bitcoin price once again turned bearish as a number of US banks announced to ban cryptocurrency purchases using credit cards. Now, Britain’s largest banking group Lloyds also said they will ban purchase of bitcoin via their credit cards. As a result, the BTC/AUD price is now trading just above the support around 7,200 level.

After Korean government cracked down on bitcoin exchanges, this new development in the US and UK will further reduce transaction volume. Lack of access to credit will certainly keep a considerable number of bitcoin traders in the U.S. outside of the market. We believe it will likely create additional bearish pressure on the bitcoin price.

Hence, Australian bitcoin traders should look out for trading opportunities below this major support level around 7,200.

Asif worked as a prop trader for almost a decade, and later he managed trading operations for one of the largest foreign exchange strategy developers in Europe. Currently, he works as a trading consultant to several brokers and writes about various tech and financial topics. You can reach him at contact@asifimtiaz.com

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Asif Imtiaz

Asif worked as a prop trader for almost a decade, and later he managed trading operations for one of the largest foreign exchange strategy developers in Europe. Currently, he works as a trading consultant to several brokers and writes about various tech and financial topics. You can reach him at contact@asifimtiaz.com

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