AUD/USD Price Forecast – Australian Dollar Recovers After Jobs Number Missed

The Australian dollar has rallied a bit during the trading session on Friday as the jobs number came in at a little over half of the million jobs added, but there was a “whisper number” on Wall Street of the United States adding more than 1 million jobs. Because of this, the US dollar got an immediate hit, and that of course benefited most currencies, including the Aussie dollar. All things being equal, this is a market that I think will continue to see a lot of volatility, in a very short and choppy range just as the case has been recently.

AUD/USD Video 07.06.21

I suspect that this point in time that the market will continue to see a lot of back and forth, and not much will have changed by the time we are done with this little move. We are essentially stuck in this general vicinity, as the 0.76 level underneath has offered significant support, while the 0.78 level continues offer significant resistance. I do not expect this pair to break out of this region anytime soon, so as much as I hate to say it, the Australian dollar is still a range bound instrument that you have to play from the short-term charts more than anything else.

With that being said, if you are a short-term trader then this might be a great marketplace for you, but for somebody like myself is more of the swing trader, this is an absolute disaster of an environment operate in. Nonetheless, as we head into the summer it might get a little bit quiet in this market that has already priced in quite a bit of commodity pricing.

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