Due to the AUD/USD currency pair’s lack of performance today, the pair’s price has dipped below 0.7200, as indicated by the bearish candle point on the accompanying chart.
The Commonwealth Bank’s (January) output, which will be reported on January 23, 2022, might cause the unvalued AUD/USD to drop in value from 57.7 to 55.4 from the previous month’s data, according to economists.
The Commonwealth Bank of Australia and Markit Economics, as major indicators, capture business conditions in the manufacturing sector, which accounts for a large portion of overall GDP, concluding business conditions and the Austrian economy as a whole.
There are support levels on the downside of the AUD/USD pair, which aid the pair’s upward movement. The major horizontal support is at 0.7125, while the highest trend line support is at 0.7163.
Furthermore, the US Department of Labor released the Initial Jobless Claims on January 20, 2022. FXStreet.com saw 286,000 visitors this month, up from 231 thousand the month before.
Initial jobless claims is a measure of the number of people filing first-time claims for state unemployment insurance. In other words, it acts as a gauge of the labor market’s health. A higher-than-expected number indicates market weakness, which has an impact on the US economy’s health and direction.
The AUD/USD is the largest yield source and has the greatest ability to weather market storms.