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AUD/USD: rockets on dream unemployment figures

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.

Australian Oct jobs: Stellar figures all around

Australia published stellar employment figures for the month of October, with the ABS reporting an increase in employment jobs change by 58.6k (seasonally adjusted). Full-time jobs came in at 40k vs -10.4k last, while part-time saw a jump of 18.6k. Australian unemployment rate ticked up to 5.9% vs 6.2% expected and 6.2% last, with the participation rate at 65% vs 64.9% exp and 64.9% last.
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Australian jobs throws any chance of RBA rate cut out of the window

The Australian employment figures are really outstanding, with an improvement in every single measure, which combined with positive revisions, throws any chances of an RBA rate cut out of the window for now, unless data in Australia significantly deteriorates.
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