FXstreet.com (Barcelona) - After it was given a vote confidence, the Australian Dollar has not missed the chance gven by the market, and following upbeat jobs numbers, with 14.5k new jobs added and full time employment change 32.1K in Sep vs 0.6K in August despite Australian jobless rate jumped to 5.4% from previously reported 5.1%.
The ABS attributes unemployment up on increase in participation rate. However, not all that glitters in gold, and there has also been a big jump in number unemployed -- now 662,700, the most in three years, according to Aussie economist Peter Martin.
The AUD/USD, which was one of the best performing currencies in a quiet Wednesday, is now being further supported on each shallow dip to climb as high as 1.0260, with FXWW Founder Sean Lee, targeting 1.0320; "If the number is positive, I’d look to try and buy any small dips for a test of 1.0310/20 (if this level holds then medium-term shorts can jump back in)" he argues.
Next hurdle for bulls is expected at 1.0270, sequence of highs from this week. Retreats back toward 1.0240/50 are expected to attract bids. "A good jobs report could see 1.0280 break for a run to 1.0375" according to IFR Markets.
The Aussie has also seen heavy buying from EUR/AUD cross, which just blew stops stops below 1.2540 and now eyeing 1.2515, 20 dma around 61.8% of Sep/Oct climb ahead of 1.2500. In a chain effect, the EUR/USD is back under pressure following the massive EUR seeling in the crosses, with EUR/AUD and EUR/JPY being the most notorious.
The ABS attributes unemployment up on increase in participation rate. However, not all that glitters in gold, and there has also been a big jump in number unemployed -- now 662,700, the most in three years, according to Aussie economist Peter Martin.
The AUD/USD, which was one of the best performing currencies in a quiet Wednesday, is now being further supported on each shallow dip to climb as high as 1.0260, with FXWW Founder Sean Lee, targeting 1.0320; "If the number is positive, I’d look to try and buy any small dips for a test of 1.0310/20 (if this level holds then medium-term shorts can jump back in)" he argues.
Next hurdle for bulls is expected at 1.0270, sequence of highs from this week. Retreats back toward 1.0240/50 are expected to attract bids. "A good jobs report could see 1.0280 break for a run to 1.0375" according to IFR Markets.
The Aussie has also seen heavy buying from EUR/AUD cross, which just blew stops stops below 1.2540 and now eyeing 1.2515, 20 dma around 61.8% of Sep/Oct climb ahead of 1.2500. In a chain effect, the EUR/USD is back under pressure following the massive EUR seeling in the crosses, with EUR/AUD and EUR/JPY being the most notorious.
