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Forex: AUD/USD blows expectations above 1.0340

Following a somehow unbelievable Aussie jobs data, adding more than 70k to 11628300 employed Australian population, according to official figures, when around 10k was the expected figure, AUD/USD has exploited to the upside strongly printing fresh 3-week highs at 1.0369, from below 1.03 previous to the release.

The pair is up +1.32% for the week so far, reaching high levels not seen since mid Feb around the 1.0375. “‏So now we need to hope for a pullback before the Europeans come in,” said FXGlobal CEO Greg McKenna in his Twitter account, adding : “and buy the C...p out of the AUD this arvo...1.0512 target now,” he suggests.

Immediate resistance to the upside for AUD/USD shows at Feb 15 highs 1.0375, followed by Jan 28 lows 1.0383, and Jan 02 lows at 1.0402. To the downside, closest support lies at Tuesday's highs 1.0335, followed by Tuesday's Asian session highs at 1.0312, and yesterday's lows at 1.0281.

Huge blowout on Australian jobs report

A huge employment jobs report in Australia shocked the market, after Australia created 71.5k jobs in February vs market expectations for +9k. The unemployment rate came down to 5.4%, expectations were for 5.5%. The part time jobs created stood at 53.7k vs 22k last. The participation rate increased by +0.3% to 65.3%.
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