On Tuesday, AUD/USD is correcting within the framework of an uptrend, trading near the level of 0.6247 against the background of the weakening of the US dollar. Despite the publication of data on the Australian labor market, AUD/USD remains neutral.
According to the Australian Bureau of Statistics (ABS), in December, unemployment remained unchanged at 4.0%, and the number of unemployed decreased by 4.0 thousand to 604.9 thousand. Employment increased by 31.0 thousand to 14.573 million, which is 2.8% higher than in December 2023. The employment-to-population ratio remained at 64.4%. At the same time, full-time employment decreased by 23.7 thousand to 10.037 million, and part-time employment increased by 80.0 thousand to 4.546 million. The total number of hours worked increased by 0.2% or 4.0 million. These data indicate a smooth recovery in the sector, despite high interest rates.
The US dollar index is trading at 108.00, which is below the annual high of 109.80. Donald Trump's official inauguration as president of the United States did not lead to drastic changes in forex trading methods. In his inaugural speech, Trump repeated his plans to change tax and trade policies, indicating that new tariffs could be introduced no earlier than February 1. Uncertainty in the implementation of promises limited the growth of the US dollar.
AUD/USD Technical Analysis for today
On the daily chart, the AUD/USD pair is correcting within the descending channel with dynamic boundaries of 0.6260–0.6050. Technical indicators slow down sell signals in correction conditions. The fast EMA lines of the alligator indicator are pointing up and approaching the signal line, while the Awesome Oscillator (AO) indicator shows growth in the sales area.
Trading recommendations
• Long positions: it is recommended to open when the level of 0.6300 breaks up with a target of 0.6450. The stop loss is placed at 0.6250.
• Short positions: possible when the price decreases and fixes below the level of 0.6210 with a target of 0.6080. The stop loss is 0.6280.