The Australian economy gained a whopping 71.5K jobs in February, more than 7 times the early expectations of +10K, and an outstanding number on its own: this is the biggest jump in 12 years.
This sent AUD/USD sharply higher: the pair escaped the 1.0245 to 1.0350 range and is now back to levels seen in February.
The rise in employment was accompanied by a drop of the unemployment rate from 5.5% to 5.4%. This may seem minimal, but it was accompanied with a significant rise in the participation rate: from 65% to 65.3%.
After the RBA did not cut the rates in the recent meeting, it is safe to say that no rate cuts are expected anytime soon after this amazing report.
AUD/USD continues recovering after dipping below the critical 1.0150 line earlier in the month. The pair made a hammer pattern, then returned to range under 1.0287, moved to the higher range and now broke higher.
Significant resistance appears at 1.05, with minor resistance at 1.0423. For more lines, events and analysis, see the AUDUSD forecast.
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