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Forex: AUD/USD plunges on bad Aus jobs data

FXstreet.com (Barcelona) - Following second month with a big miss on Australian jobs report data, AUD/USD is plummeting last at 1.0521 off recent session lows at 1.0496, from previous 11-week highs around the 1.0550 level previous to the release. Market expectation was at -7500 jobs lost from previous +71.5k, but number came in at -36.1k, knocking out the Aussie.

Unemployment rate jumps to 5.6% when market expected it to remain unchanged at 5.4%, showing biggest increase since early 2010. Now further RBA rate cuts fears will rise again, with bad consumer confidence data yesterday, and very high AUD/USD rate levels according to Aus officials, what discourages investments in the mining sector.

Immediate support to the downside for AUD/USD lies at recent session lows 1.0496, followed by yesterday's lows at 1.0470, and April 04 highs at 1.0454. To the upside, closest resistance shows at session and fresh 11-week highs 1.0557, followed by Jan 22 highs at 1.0578, and Jan 10 highs at 1.0598.

Big miss in Australian jobs data

The Australian jobs report just came surprisingly lower-than-expected, losing 36,100 jobs in March vs -5,000 job losses expected. The Australia unemployment rate stood at 5.6% in March - highest since November 2009 - vs. 5.4% in February (expectations were for 5.4%). The participation rate stood at 65.1 vs. 65.3% prior and 65.2% expected.
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