AUD/USD: jobs data scepticism caps the rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD remains underpinned despite the scepticism over the Australian Bureau of Statistics recent jobs data that tried to convince that 58.6k mostly full time jobs were created a single month.

    The full-time jobs arrived at 40k vs -10.4k last, with part-time jumping 18.6k. The key Australian unemployment rate fell out of the RBA's advised bracket of 6 to 6.5% and dropped to 5.9% vs 6.2% expected and 6.2% last. The participation rate however was at 65% vs 64.9% exp and 64.9% last.

    Despite the scepticism, the RBA will still be relieved with these results and even if there are corrections, there are so many jobs created that even if half were shaved, it is still a solid result supporting the Aussie.

    AUD/USD levels

    Technically, AUD/USD struggled at 0.7154 (20 DMA) earlier on the recovery from 0.7086 lows and now consolidates awaiting further impetus. Meanwhile, until the pair can manage a score through 0.7298/0.7385 Fibo retracement levels the bearish tone prevails. A break of the 200 SMA on the hourly would be significant for the short term as a potential reversal of the near term bullishness targeting 0.7169 6th nov highs and 0.7225 3rd Nov highs.
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