AUD/USD: rockets on dream unemployment figures

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 is currently on the bid targeting the mid point of the 0.71 handle so far at time of writing.

    AUD/USD took off on the big numbers in the Australia's jobs data and has put off the downward forces for the time being, relieving the bulls back onto the 0.71 handle. The RBA will be on cloud nine as reluctant to cut interest rates and the following data will be a dream come true for Tony Abbott's jobs and growth agenda. 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.

    AUD/USD levels

    Technically, AUD/USD has rallied to key resistance at 0.7120 and actually managed a score through here and reaching R3 territory at 0.7136 the high so far. The downside pressures have been relieved and bulls will be thinking about the 0.7298/0.7385 Fibo retracement level and within the 2014-2015 downtrend as a key target. However, for the mean time and less wide, 0.7173 needs to give to open up the upside fully.
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