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Traders Await US Housing and Employment Data as AUDUSD Stays Steady Above 0.6550

Traders Await US Housing and Employment Data as AUD/USD Stays Steady Above 0.6550

The Australian Dollar (AUD) has recovered some of its losses against the US Dollar (USD), largely due to a weaker dollar. However, the overall downtrend is still intact. The mixed data coming out of Australia is now shifting focus to the upcoming US housing and jobless claims figures. It’s predicted that the AUD/USD pair will encounter resistance at 0.6545 and 0.6640.

Earlier Predictions

The Australian Dollar (AUD) is currently trading near 0.6560 against the US Dollar (USD), with an immediate support level at 0.6550. Intraday bias in AUD/USD remains on the upside, as the rise from 0.6269 is in progress towards a resistance of 0.6894. Market analysts are closely observing the AUD/USD pair, predicting that a break below the support level could significantly influence the currency pair’s movement.

However, there is a neutral sentiment regarding the long-term outlook, suggesting the AUD/USD pair has good chances of returning to the 1:1 ratio. Today’s intraday recommendation is to buy at an entry price of 0.6530 with target and take profit levels at 0.6580 and 0.6600 respectively. This intraday prediction is supported by the Relative Strength Index (RSI), which shows an upside momentum.

AUDUSD Daily Chart

Australian Economic Indicators: A Mixed Bag

Australian economic data presents a mixed picture. January saw Consumer Inflation Expectations remain stable at 4.5%, while the number of employed individuals unexpectedly fell, indicating potential weaknesses in the labour market.

Chinese Macroeconomic Data Influence on AUD

China’s GDP Growth Falls Short, Impacting the Aussie

Data released on Wednesday revealed that China’s GDP growth rate for 2023 was 5.2%, falling short of the anticipated 5.3%. In addition, retail sales underperformed, sparking worries about a slow post-pandemic recovery. As China is Australia’s primary trading partner, these factors contribute to the pressure on the Aussie.

Reviewing Australian Economic Data for December 2023

According to the latest reports, the Australian economy experienced mixed outcomes in December 2023. The unemployment rate remained steady, while employment figures saw fluctuations. Here’s a detailed look at the economic indicators for Australia in December 2023.

Employment and Unemployment Rates

In trend terms, the unemployment rate in Australia was stable at 3.8%, while the participation rate remained unchanged at 67.0%. The number of employed individuals increased, reaching 14,246,000. However, the employment to population ratio saw a slight decline, dropping to 64.4%. The underemployment rate held steady at 6.5%, and there was a decrease in monthly hours worked, which fell to 1,928 million.

In seasonally adjusted terms, the unemployment rate held firm at 3.9% in December 2023. The participation rate experienced a slight downturn, decreasing to 66.8%, and employment figures also dropped to 14,201,100. The employment to population ratio declined to 64.2%, and the number of monthly hours worked reduced to 1,926 million.

Full-time and Part-time Employment

In terms of full-time and part-time employment in December 2023, there were notable changes. Full-time employment decreased by 106,600, bringing the total number of full-time employees to 9,791,200 people. In contrast, part-time employment saw an increase, with an additional 41,400 people finding part-time work, bringing the total to 4,409,900 people.

Below is a summary table of the data:

Economic IndicatorTrend TermsSeasonally Adjusted Terms
Unemployment Rate3.8%3.9%
Participation Rate67.0%66.8%
Employment to Population Ratio64.4%64.2%
Underemployment Rate6.5%6.5%
Monthly Hours Worked1,928 million1,926 million
Full-Time Employment9,791,200 people
Part-Time Employment4,409,900 people

(Source: RBA)


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  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.

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