Australian Unemployment Data for February 2021

Posted by Adegbotolu Kehinde Erastus -
Scope Markets

Key points

  • Labour market expected to see improvement in figures
  • Australian unemployment data expected to drop by 6.3%

Australian unemployment data forecast for February 2021 anticipates improvement in the labour market with additional 31k jobs against 29.1k the previous month.

Unemployment figures for February are expected to see a drop to 6.3% against 6.4% in January 2021. The RBA has also insisted that there are no plans to implement negative rates and no rate hikes in the foreseeable future until employment and inflation targets are met. With many positive sentiments from the economy, the Aussie has continued to remain under pressure against the US dollar due to rising yields and positive economic data. However, Thursday’s data release could be a game-changer for the Aussie as the US dollar has weakened, with the U.S. 10-year treasury yields taking a tumble from their highs at 1.64% on Monday and is currently at 1.59%. A better than expected data release is likely to strengthen the Australian Dollar.

Technical outlook

AUD/USD technical outlook
AUDUSD daily chart

The AUDUSD pair has formed a head and shoulder pattern on the daily time frame. The neckline comes at a support zone of 0.7600, while the shoulders have held price at the resistance zone of 0.7820. Traders will wait to see what will happen within these price regions in the next few days. A break above the near-term resistance(shoulders) will signify a bullish bias and expose the 0.8000 price level. However, a break below the neckline will indicate a bearish bias, with the next support zone coming at 0.7500.

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