AUD/USD Outlook (24th January 2019)

• AUD/USD rejected support level
  
• Australian Employment Change & Unemployment Rate data
  
• World Economic Forum Annual Meetings Day 2
  

Price Movement
Since yesterday, AUD/USD has been moving within a 20pips range until the release of the Australian employment data, where AUD/USD shot up.

Trend
AUD/USD is trending upwards.

Macro Background
The employment change data, a leading indicator of consumer spending that measures the change in the number of employed people during the previous month, was released at a better than expected figure.

The unemployment rate data measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
(Note: The lower the unemployment rate, the more favorable it is for the Australian dollar.)
It was released at a better than expected figure.

Both better-than-expected employment data sent AUD/USD moving upwards.

Important Issue
Day 2 of the World Economic Forum annual meeting. Comments made by highly influential figures may cause market volatility.

Technical
After testing the support level of 0.71339 since yesterday, AUD/USD rejected the level upon the release of the positive Australian employment data.

Price Levels
Current Price: 0.71566
Next Resistance: 0.71339
Next Support: 0.72088