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AUD/USD smashing the upside on smashing jobs data

FXStreet (Guatemala) - AUD/USD is off on the bid after a very strong jobs numbers, almost fairy tale stuff, and just in time for the bulls as the pair was looking as though it was a tried position on the bid and an overdue correction was on the cards.

However, the 0.73 is a tough nut to crack and if the recent highs are going to give, then this is the time for it to do so as otherwise the FOMC is around the corner and subsequent positioning elsewhere is set up for a rate hike from the Fed.

The Aussie numbers came as follows:

The employment change and headline data came out: +71.4k vs expected -10.0k. Aussie soars! This is against prior revised 56.1k from 58.3k. The Unemployment Rate was 5.8% vs 6% expected. The Participation Rate 65.3% vs expected 65.0% and prior 65.0%. The Full Time Employment Change was 41.6K vs prior was 40K and revised from 39.7K.

AUD/USD still bearish below 200 DMA

AUD/USD technically speaking has some way to go yet before the tide turns with the 200 DMA at 0.7449, but AUD/USD is now testing ground into the 0.7320's at time of writing. 0.7380 is the big target.

Australia’s unemployment rate drops to 1-1/2 year low

The latest employment figures from Australia, as released by Australian Bureau of Statistics (ABS), surprised markets to the upside in Nov, with the uunemployment rate falling 0.1 pts to the lowest since May 2014 at 5.8% against 5.9% seen in Oct. Markets had predict the unemployment rate to tick higher to 6.0% last month.
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