AUD/USD Current Price: 0.6445
- Australia expected to have lost over half a million jobs in April.
- AUD/USD at daily lows although still above the 0.6400 level.
The AUD/USD pair was unable to retain its early gains, ending a third consecutive day in the red at around 0.6440. Australian data released at the beginning of the day was encouraging, as the Westpac Consumer Confidence Index for May came in at 16.4%, much better than the previous -17.7%. Also, wage growth matched the market’s expectations in the first quarter of the year, up by 0.5% in the three months to March and by 2.1% when compared to a year earlier.
Australia will release April employment data this Thursday. The country is expected to have lost 575,000 job positions in the month, a result of the coronavirus-related lockdown. The unemployment rate is seen soaring to 8.3% from 5.2% in the previous month. The country will also publish Consumer Inflation Expectations for May, previously at 4.6%.
AUD/USD short-term technical outlook
Support levels: 0.6405 0.6370 0.6325
Resistance levels: 0.6475 0.6510 0.6550
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