EUR/AUD holding ahead key data for AUD

FXStreet (Guatemala) - EUR/AUD has fallen onto supporting areas ahead of 1.5440 supporting zone of yesterday’s business.

EUR/AUD is offered while Australia has enjoyed numerous upside data surprises recently and awaits key data upcoming later in the form of Consumer Inflation Expectations and the Unemployment rate and changes for Feb. . However, Strategist Sean Callow at Westpac Banking Corporation ABN noted that jobs growth in Australia has not been among the positives. “Indeed the headline jobs figure has been weaker than consensus in 6 of the past 7 months. With total employment averaging a miserable -2.6k jobs over the past 6 months, consensus is for a rebound to +15k for the Feb report (11:30am Syd/8:30am Sing/HK), with a range of 0 to 30k”. He said that Westpac looks for +20k, partly because a growing economy should be creating at least some jobs net each month and because of improved partial indicators of the job market since late 2013. We agree with the median forecast for the unemployment rate to hold at 6.0%, a high since July 2003 (participation rate flat at 64.5%)” RSI (14) is reading 35.59 moving towards an area that may give the pair some support for the time being ahead of volatility to follow.