The AUDUSD pair continues to trade near the 0.6200 support level, moving within a downtrend. Today, market participants are awaiting US labour market statistics. More details in our analysis for 10 January 2025.
AUDUSD forecast: key trading points
- The AUDUSD pair is trading within a steady downtrend
- Market participants are awaiting US labour market data, with nonfarm payrolls and the unemployment rate scheduled for release today
- AUDUSD forecast for 10 January 2025: 0.6200 and 0.6300
Fundamental analysis
The AUDUSD rate continues to trade within a downtrend, with the quotes hovering around two-year lows at 0.6200. The pair is under pressure due to expectations of a Reserve Bank of Australia February interest rate cut. Meanwhile, the US Federal Reserve will likely pause its monetary policy easing cycle.
Today, market participants await crucial US employment statistics, with nonfarm payrolls (the forecast suggests +154 thousand jobs) and the unemployment rate (projected at 4.2%). Better-than-forecast data will support the US dollar and could drive AUDUSD quotes lower. Conversely, weaker figures could give the pair the momentum to reverse upwards.
AUDUSD technical analysis
On the H4 chart, the AUDUSD pair continues to trade within the downtrend. The Alligator indicator is above the price chart and is directed downwards, supporting the current trend. The quotes are consolidating near the key support area between 0.6170 and 0.6200. US labour market statistics could further drive the pair’s price movements.
Today’s AUDUSD forecast suggests that if the bulls manage to hold above the 0.6170-0.6200 support area, the price could reverse upwards and experience an upward correction towards the 0.6300 resistance level. A decline is possible if bears firmly secure below this support area.
Summary
The AUDUSD pair continues to trade within the downtrend near the key support area between 0.6170 and 0.6200 USD. The release of US employment data (nonfarm payrolls and the unemployment rate) during today’s American session could drive further price movements.
Source: Roboforex
