Aussie is in the middle today following the vague signals of the Aussie employment report for June released early Thursday morning. Low market sentiment and US dollar recovery moves can be traced to this. Australia’s unemployment rate reached its lowest level in more than a decade in June, another sign of a significant economic recovery from the country’s epidemic and monetary policy tightening date.

The Australian Bureau of Statistics (ABS) data on Thursday showed that 29,000 net new jobs were created in June, which is in line with forecasts for 30,000 gains and over 115,100 in May. The increase rose to 51,600 from full-time jobs. Unemployment fell to 4.9 percent from 5.1 percent in May. This is the lowest level since December 2010, which extended a significant recovery from a high of 7.5% last July, as lockdown pushed the economy into recession.

In his two-year testimony, central bank chairman Jerome Powell sought to convince markets that the US Federal Reserve would make “a lot of announcements” before adjusting monetary policy. However, the strong U.S. Producer Price Index (PPI), ahead of the bullish Consumer Price Index (CPI), blinded traders to Powell’s comments. On the other hand, worsening Covid conditions in Australia are a major concern for Aussie traders amid delays in vaccine rolling and variation spread.

In addition to mixed employment figures, the sour mood of the markets also weighs on the risk-averse pair. Concerns about corona virus (COVID-19) strains and reflex fears are behind the sense of risk-free. AUD / USD traders, who witnessed the initial market reaction to the Aussie employment report, will keep their eyes peeled for new impetus on China’s data pipeline for June and Q2 GDP. However, risk catalysts are more likely to hold the driver’s seat.

AUD/USD 4 Hour Chart:

Support: 0.7446 (S1), 0.7411 (S2), 0.7392 (S3).

Resistance: 0.7501 (R1), 0.7521 (R2), 0.7556 (R3).

Amidst this overall above data plays driver’s seat on moment of AUD/USD pair. We expect mid-trend for AUD/USD.