The Australian dollar experienced a notable increase for the fourth straight day, achieving its peak level since September 2024 following the release of robust employment figures. The AUD/USD exchange rate increased to a peak of 0.68000, significantly higher than the year-to-date low of 0.6667. The AUD/USD pair experienced a notable increase following the release of the latest employment figures by the Australian Bureau of Statistics. The report indicated that the country experienced a significant increase of over 65.2k jobs in December, marking a notable turnaround following a loss of 28k jobs in the prior month. The reported figure significantly exceeded the median estimate of 30k.
The economy shows positive signs with full-time jobs at 54k and part-time jobs at 10k. The unemployment rate decreased from 4.3% to 4.1%, and the participation rate increased to 66.7%. The recent figures have increased the likelihood that the Reserve Bank of Australia may opt to raise interest rates by 0.25% in the upcoming meeting, as inflation continues to significantly exceed its target of 2%. A rate hike would be significant as investors expect the Federal Reserve to implement multiple rate cuts this year. The AUD/USD pair experienced an increase as market participants anticipated important macroeconomic data from the United States. The Bureau of Labor Statistics is set to release the most recent data on US GDP and personal consumption expenditures, offering deeper insights into the economic landscape.
Analysts anticipate that the forthcoming data will indicate a 4.3% expansion of the nation’s economy in the fourth quarter, following a growth of 3.8% in the preceding quarter. Another report is anticipated to indicate that the personal consumption expenditure inflation has moderated slightly in November. The significance of these figures is noteworthy; however, their influence on the US dollar is expected to be constrained, given that they pertain to the third quarter and November, respectively. The daily timeframe chart indicates that the AUD/USD pair has maintained its robust upward trajectory this week. The asset surpassed the significant resistance level at 0.6710, marking the highest swing since September of the previous year, and also the neckline of the inverted head-and-shoulders pattern.
The asset has surpassed the 50-day and 100-day Exponential Moving Averages. The pair’s Relative Strength Index and the Percentage Price Oscillator maintained an upward trajectory. Consequently, the pair is expected to maintain its upward trajectory as bulls aim for the next significant resistance level at 0.6835, identified as the ultimate resistance within the Murrey Math Lines framework. A breach of support at 0.6710 will negate the bullish perspective.