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The Australian Dollar (AUD) drops after the employment data but remains above support levels. The Employment Change for February showed a sharp decline of 52.8K jobs, missing the forecasted increase of 30.0K, as shown in the chart below. This drop follows January’s revised gain of 30.5K, signaling potential weakness in the labor market.
However, the unemployment rate remained steady at 4.1%, as seen in the chart below. The significant job losses increase concerns about Australia’s economic outlook. This data reinforces expectations that the Reserve Bank of Australia (RBA) may maintain a cautious approach to interest rate policy, further limiting AUD strength.
AUD/USD Technical Analysis – Bullish Price Action
The 4-hour chart for AUD/USD shows that the pair is consolidating above the neckline of the rounding cup pattern at $0.6330, indicating bullish price action. This suggests a continued move toward $0.6450. The green arrow highlights where buying interest develops, suggesting that the pair will likely continue upward.
