The Australian dollar is trading around the 1.0246 weekly pivot, due to the pair has received support after prices of iron ore, the main Australian export product, reached maximum of two months.
Today the unemployment rate in Australia will be announced; it is likely to have increased to 5.3% in September, from 5.1% in the previous month. If it confirms, this would be the highest since June.
On a technical level, the Aussie has found strong support at 1.0150 and 1.0168 is weekly support. Above these levels this pair has a bullish outlook, so we recommend buying above 1.0250 and if the pair had a setback it is recommended to buy 1.0168 support. We recommend placing support below, the supports are mentioned above. We will place our target at 1.0495.
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