AUD/USD rallies on huge beat in Aussie employment change, 0.8020's eyed
|AUD/USD rallied on the back of the seasonally adjusted results in the Aussie jobs data listed below. AUD/USD rallied form 0.7961 to 0.7995 only. Currently, AUD/USD is trading at 0.7964, down -0.38% on the day, having posted a daily high at 0.7997 and low at 0.7953.
Seasonally adjusted results in the Aussie jobs data:
- Employment Change +34,700, (expected 15.0K, prior revised higher to 63.6K from 61.6K).
- Unemployment Rate 5.5%, miss, (expected 5.4%, prior 5.4%).
- Full Time Employment Change +15.1K, (prior was 43.6K, revised up from 41.9K).
- Part Time Employment Change +19.5K, (prior was 20K, revised up from 19.7K).
- Participation Rate at 65.7% was higher than the expected is 65.5% and the prior was 65.5%.
AUD/USD was a heavy offer at 0.8023 on a strong bid from 0.7943 overnight that might get another look into on the Chinese data dump later in the Asian session if it comes as positive and giving the green light to traders to continue to bid up the Aussie in a climate of a solf greenback. Further along the 0.80 handle comes the 0.8061 200 month moving average ahead of the 0.8125 Sep high.
- Chinese economic growth set to decelerate in Q4
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet explained that the pair is technically bullish, and readings in the 4 hours chart support additional gains ahead: "The pair bounced again from a bullish 20 SMA, while technical indicators resumed their advances, the Momentum from above its 100 level and the RSI currently entering overbought conditions." To the downside, however, the hourly 100 SMA located at 0.7942 has been a supportive line within the rising channel from 0.7848 recent lows where traders could target on a break of 0.7870.
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