AUD/USD rallies after upbeat Australian employment data
|- AUD/USD up over 30 pips post Australian jobs report
- Technicals continue to favour the upside
AUD/USD has been boosted after a blockbuster Australian employment report, which saw the exchange rate rise all the way from 0.7630 to test offers around the 0.7665/70 vicinity, where a strong accumulation of volume comes, as per the point of control line drawn from the early Nov auction.
AUD/USD's appreciation comes after a positive change s.a. for November of 61.6k, above forecasts of +18k and prior of 3.7k, with the unemployment rate s.a. at 5.4 % vs forecasts of 5.4% and 5.4% last. Looking at the details, with a fulltime employment change of 41.9k vs previous 24.7 k, and the participation rate increasing to 65.5% vs expected 65.1% and prior of 65.1%, it's logical to see the increase in demand towards the Australian Dollar.
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet explained, that technically, "the 4 hours chart shows that the price has surpassed its 200 EMA for the first time in nearly 2 months, a sign that the rally could continue, although the mentioned data will be critical for that." Valeria notes that in the same chart, "the 20 SMA has turned sharply higher below the current level, while technical indicators remain within overbought territory all of which leans the scale towards the upside."
The key levels to watch out for, according to Valeria Bednarik, can be found at 0.7600, 0.7570 and 0.7530 on the downside, while 0.7640, 0.7675 and 0.7710 are the key hurdles on the upside.
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