AUD/USD Uptrend Likely to Continue as Australian Job Advertisements Rebound

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

Australia – ANZ Job Advertisements

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

Since job advertisements usually lead to hiring employees, 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 -0.3%, and this month it increased by 1.0%, indicating that employers are looking to hire more workers in the coming months.

United States – Unemployment Claims

On Thursday, at GMT 1:30 p.m., the US Department of Labor will release the unemployment claims figure, which measures the changes in the number of people who claimed for unemployment insurance over the last week.

Forex investors consider the unemployment claims data to be one of the most important fundamental indicators of the US job market. This is primarily because unemployment and consumer spending has direct correlation and an increasing number of unemployment claims indicate lower consumer spending in the economy, which makes up the bulk of the economic activity in the United States.

Over the last several weeks, the US unemployment claims figure came out between 246,000 and 260,000. Last week, it came out at 265,000 and this week, the forecast is set at a slight increase to 267,000.

Trade Recommendation for the AUD/USD

AUD/USD - Technical Analysis for forex trading

Since forming a tiny bullish pin bar on May 30, the AUD/USD has remained in a strong uptrend and so far, has climbed around 550 pips while forming a well-respected uptrend line in the process.

Last week, the AUD/USD once again tested this uptrend line, but end up forming another bullish pin bar, which pushed the price towards the resistance level around 0.7710.

As the ANZ job advertisements figure in Australia increased by 1%, it would likely help the AUD/USD maintain the bullish momentum. Furthermore, if the AUD/USD price closes above the 0.7710 level, it would likely attract additional bullish momentum and may continue to move upwards.

Under the circumstances, it would be recommended that Forex traders consider placing BUY order at market price for the AUD/USD with their Forex trading brokers as soon as the pair closes above the 0.7710 level on the daily time frame.

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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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