- The AUD/USD outlook shows a strong uptrend driven by a boosted Aussie and a steady greenback.
- The ABS revealed 4.3% unemployment in October, exceeding forecasts of 4.4%, down from September’s 4.5%.
- Traders await commentary from FOMC officials for further policy cues.
The AUD/USD outlook shows a strong bullish momentum as the pair trades near 0.6570, extending its gains for the second consecutive day amid strong domestic labor data and a risk-on mood.
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The Australian Bureau of Statistics (ABS) revealed that the unemployment rate dropped to 4.3% in October, exceeding forecasts of 4.4%. The data improved from 4.5% in September.
Meanwhile, the employment rose by 42.2k, exceeding the 20k forecast. The full-time positions increased by 55.3k, with the participation rate holding steady at 67%. These strong figures reflect the resilient labor market and reduce expectations for near-term rate cuts by the Reserve Bank of Australia. This sentiment lifts the Aussie further.
Across the Pacific, the US dollar held steady as President Trump signed the funding bill on Thursday, ending the longest federal government shutdown in US history. The improving political and fiscal stability limited the dollar’s downside. Hawkish remarks from Fedspeak suggested declining expectations for a December rate cut, with markets pricing in a 60% probability, down from yesterday’s 67%.
AUD/USD Daily Key Events
The significant events in the day include:
- FOMC Member Daly Speaks
- FOMC Member Kashkari Speaks
- FOMC Member Musalem Speaks
- FOMC Member Hammack Speaks
On Thursday, traders look forward to speeches from FOMC members Daly, Hammock, Kashkari, and Musalem for further policy direction.
AUD/USD Technical Outlook: Bulls Eye 0.6600 as Rally Continues
The AUD/USD 4-hour chart shows a strong bullish bias as the pair trades near the 0.6570 level. The price remains above the key 50-period MA near 0.6533 and the 100-period MA around 0.6539. The pair tests the 200-period MA around 0.6575, highlighting a market shift towards the upside.
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The RSI is at 72, suggesting overbought conditions. However, it supports the near-term bullish momentum. If bulls manage to hold above 0.6530, buyers will maintain dominance. Conversely, a break below 0.6530 could trigger a downtrend towards 0.6500 and 0.6470.
Support Levels
Resistance Levels
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