AUD/USD gets closer to 0.94 on a good jobs report,
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AUD/USD gets closer to 0.94 on a good jobs report,

Australia gained 14.2K jobs in April, around double the early expectations. This is the fourth consecutive month of job growth in Australia.

Together with positive trade  data from China, AUD/USD was able to resume its rise after grinding lower.

Here is a fresh 30 minute chart of AUDUSD, which shows the burst higher:

AUDUSD May 8 2014 technical forex Aussie dollar currency chart for trading

The data

The good news is that all these jobs are full time ones. In addition, the unemployment rate  remained at 5.8%, better than a rise to 5.9% expected. The participation rate  stands at 64.7%. In comparison, the recent Non-Farm Payrolls report showed that the US participation rate stands at only 62.8%.

China was  expected to publish a trade balance  surplus of around $14 billion, but surprised with $18.45 billion. More importantly, both exports and imports of the economic giant were on the rise, contrary to predictions. China is Australia’s No. 1 trade partner and  these figures are certainly healthy.

Aussie rising

AUD/USD enjoying the great sell-off of the US dollar to make a nice move higher, but was capped at 0.9366. From there, the pair began grinding lower. After finding support at 0.9320,  the data certainly sent it higher.

Aussie/dollar  peaked at 0.9384 but hasn’t  retraced these gains too much. The round number of 0.94 serves as immediate weak resistance towards the bigger 0.9460 level.

For more, see the Aussie dollar prediction.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.