Logo of Phnom Penh Post newspaper Phnom Penh Post - AUD/USD to fall after Aussie job losses

AUD/USD to fall after Aussie job losses

Content image - Phnom Penh Post
Golden FX Link Capital business manager Chhea Chhayheng.

AUD/USD to fall after Aussie job losses

Australia’s unemployment rate has fallen to 6.8 per cent despite more than 42,000 residents of Victoria losing their jobs in August alone.

New data from the Australian Bureau of Statistics (ABS) showed that 111,000 Australians found new jobs or resumed employment in the past month.

Despite the good news nationally, Victoria has continued to suffer as a result of Covid-19 restrictions.

The University of Melbourne estimates that without financial aid programmes from the government, such as “JobKeeper” – which maintains a formal link of employment – the nation’s jobless rate could be as high as 11.7 per cent.

Australia’s economy has slipped into recession after June quarterly data revealed that the nation’s gross domestic product (GDP) shrunk by seven per cent. Data released by the ABS also shows that from April to June Australia’s GDP suffered its biggest drop since records began in 1959.

The price of AUD/USD – the Australian dollar compared with the greenback – was 0.72100 as of Tuesday.

From a technical aspect, AUD/USD has a strong resistance level at 0.75900, with the first support level at around 0.72000 and the second at 0.70900.

Based on this data, AUD/USD should be trading at between 0.70900 and 0.75100 (0.75100 held since June 2018) in a box market, which means investors can buy or sell AUD/USD at points near the support and resistance levels.

Investors should also trade with a stop loss function to minimise risk.


  • Angkor provides ‘valuable’ water storage

    The Apsara National Authority (ANA) has stored millions of cubic metres of water at reservoirs in the Angkor area after Cambodia experienced a series of rainstorms over the last few days. The storing of the water, besides serving temple conservation, will also be used to

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Floods prompt evacuations in Kampong Speu

    Rain-induced floods and water flowing from Kampong Speu province have submerged the houses of 1,527 families living close to the Prek Thnot River in Spean Thma, Tien, Kong Noy and Roluos communes in Phnom Penh’s Dangkor district, according to data from local authorities. Spean Thma

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from

  • Cintri strike ends, workers’ contracts to be terminated

    CINTRI (Cambodia) Ltd rubbish collectors who have been on strike for the past 13 days agreed to return to work starting Wednesday evening after the company agreed to terminate their contracts at the end of January next year and provide seniority payments and other benefits to