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AUD/USD: gently bid despite the drop in the Aussie full time jobs

  • AUD/USD is reporting moderate gains despite the unexpected rise in the Aussie unemployment rate and the drop in the full-time jobs.
  • The dismal jobs report and a hawkish Fed hike indicate that the path of least resistance is to the downside.

At press time, the AUD/USD is reporting marginal gains at 0.7117, despite the dismal Aussie jobs report.

The Australian economy added 37K jobs in November, beating the estimated figure of 20K by a wide margin.  The full-time jobs, however, dropped by 6.4K, following a 42.3K rise in October. Further, the jobless rate ticked higher to 5.1 percent.

The drop in the full-time jobs and the uptick in the unemployment rate takes the shine off the impressive headline figure. The data is unlikely to change the market perception that the RBA is unlikely to hike rates any time soon.

The Aussie dollar is still flashing green above 0.71, having hit a low of 0.7087 in the overnight trade. However, the path of least resistance is to the downside, courtesy of hawkish Fed hike and the dismal jobs report.

The AUD, therefore, may drop in the red below 0.71, especially if the equity markets trade risk-averse.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7118
    Today Daily change: 12 pips
    Today Daily change %: 0.169%
    Today Daily Open: 0.7106
Trends:
    Previous Daily SMA20: 0.7238
    Previous Daily SMA50: 0.7197
    Previous Daily SMA100: 0.7219
    Previous Daily SMA200: 0.7385
Levels:
    Previous Daily High: 0.7201
    Previous Daily Low: 0.7087
    Previous Weekly High: 0.7247
    Previous Weekly Low: 0.7151
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.7131
    Previous Daily Fibonacci 61.8%: 0.7157
    Previous Daily Pivot Point S1: 0.7062
    Previous Daily Pivot Point S2: 0.7017
    Previous Daily Pivot Point S3: 0.6948
    Previous Daily Pivot Point R1: 0.7176
    Previous Daily Pivot Point R2: 0.7245
    Previous Daily Pivot Point R3: 0.729

 

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