AUD/USD bearish momentum continues if prices break the support level around 0.7050

Australia - Australia and New Zealand Banking Group Limited Job Postings

Today, at 12:30 am GMT, Australia and New Zealand Banking Group Limited (ANZ) released its monthly Job Advertisement Number, which measures changes in the number of jobs posted in major Australian cities through major dailies and web portals.
Since job postings usually result in hiring employees, binary options traders keep in mind that this data from ANZ is a leading indicator of the business trend in the country. The ANZ jobs announcement number has a greater impact on the Australian dollar when it is released before the Australian government's official jobs data.
Last month, the ANZ job announcement number fell 0.1%, and this month it rose 1%, indicating that business owners are looking to hire more workers in the coming months.

United States - Unemployment Complaints

On Thursday, at 1:30 pm GMT, the US Department of Labor will release the Unemployment Claims Number, which measures changes in the number of people who have applied for unemployment insurance over the past week.
Binary options investors have considered unemployment claims data to be one of the most important indicators of the US labor market. This is primarily due to the direct relationship of both unemployment and consumer spending and the increasing number of unemployment claims which indicates a decline in consumer spending in the economy, which constitutes the bulk of economic activity in the United States.

Last week, the US jobless claims figure came in at 285,000 and expectations for this week were set at a slightly higher figure, at 287,000.

Trading recommendations for the AUD/USD currency pair


The price of the AUD/USD has increased since January 20th and formed a strong bullish trend line. However, in the last week, after reaching resistance around the 0.7250 level, the price of the AUD/USD currency pair rebounded sharply and closed below the ascending trend line.

Although the bearish momentum was strong, the AUD/USD pair found important psychological support around the 0.7050 level.
As the US jobless claims number is expected to rise, the fundamental outlook for the AUD/USD is likely to remain bullish. However, if the unemployment claims number is lower than expected, and the AUD/USD pair closes below 0.7050, it is likely to attract additional bearish momentum in the market.
Under these circumstances, it is recommended that binary options traders consider placing a sell order in the AUD/USD with their binary options when the price closes below the 0.7050 level.

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Ahmed A.
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