The chart for AUD/USD shows that the pair is trading within an ascending broadening wedge pattern. Short-term price action indicates strong consolidation between the 0.6550 and 0.6460 levels. A break below 0.6450 could initiate a move to the downside. However, a break above the 0.6600 area is required to confirm further upside. Despite these consolidations, the RSI has reached the mid-level and continues to move lower. The drop from the mid-level suggests that AUD/USD may continue to decline.
The Australian Dollar remains under pressure, trading just below 0.6500 in Thursday’s Asian session. The pair showed little reaction to disappointing Australian jobs data for May. Broader risk aversion weighed on the Aussie.
Australia’s employment dropped by 2,500 in May, missing expectations for a 25,000 increase. This marks the first decline since February and follows a downwardly revised surge in April. Moreover, the number of part-time employees fell sharply by 41,200.
The weak labour data, combined with escalating geopolitical risks and a hawkish Fed pause, has limited upside for AUD/USD. Risk sentiment remains fragile, and the lack of local momentum may keep the pair subdued.
Moreover, Australia’s unemployment rate held steady at 4.1% in May 2025, matching market expectations. The jobless population decreased by 2,600 to 618,300. Full-time job seekers declined by 16,100 to 415,200, while part-time job seekers rose by 13,500 to 203,000.
The chart below shows that Australia’s unemployment rate has remained steady at 4.1% since January 2025. Therefore, this stability in the unemployment rate reflects a resilient labour market despite recent fluctuations in employment figures.
