Australian Employment Figures to Influence the Forex Market – Weak Report Expected

The Australian Unemployment Rate will be released along with the Australian Employment Change Wednesday evening at 7:30pm EST.

The Australian unemployment rate fell to 5.2% in November from a 5.4% figure the month before. A contributing factor could be the increasing mining industry in Australia.

According to Adelaidenow, “Australia’s mining boom is simply maturing as we move from the initial phase – super-charged prices – into the second phase, where mining investment picks up in response to higher prices.”

The report today is expected to be weak by the International Business Times of Australia. A rise in the unemployment rate is very likely, possibly going back to 5.4%.

Australian Interest Rate Change
The Australian Rate cut in December brought Australian interest rates to 3%, matching their lowest rate in half a century.

Substantial positive effects in the housing market have yet to be seen. That was their sixth time lowering the rate since November 2011 and they will likely lower it again.

If there is bullish Australian news today, such as the unemployment rate staying the same or decreasing, we could see an attractive break out trading opportunity for the AUD/USD.

Click on the image to enlarge.

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This 1.055 level has been established since the first half of 2011 and a break out could mean a lot of bullish potential!

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