AUD/USD defends gains after labor market data

Peter Bukov Axiory Global Ltd.

The Australian dollar was bid on Thursday and the AUDUSD pair was seen at around 0.7040 during the US session, some 0.4% stronger on the day.

The overall Australian employment change declined sharply, but mainly due to to the fall of part-time jobs, which arent that important for the economy, while full-time jobs surged. Thus, traders chose this fact from the report and bought the Australian dollar.

From the US dollar perspective, initial jobless claims worsened slightly to 216,000 from 208,000 in the previous week, while continuing claims improved notably to 1.686 million, from 1.728 million previously.

The main resistance is now near 0.7040 and if the price breaches this level, further rally toward 0.71 could occur. On the other hand, the support for today´s trading is near the psychological level of 0.70 and while above, the short-term outlook appears bullish.

Only a breakdown below 0.70 could strengthen the bears and the next target might be near 0.6960.

Author

Peter Bukov

Axiory Global Ltd.

Peter Bukov is one of Axiory’s leading analysts. He has a master’s degree in Corporate Finance and is highly sought after as a teacher of Forex trading at various universities in Slovakia.

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