Australia gained 24.1K jobs in October, slightly better than around 20K expected. The unemployment rate didn’t surprise and stood on 6.2%. There were quite a few surprising job reports and revision from Australia of late. It seems that finally we are seeing some data that makes sense and it also looks OK.
AUD/USD, which already reached a new cycle low of 0.8552 (lowest since 2010, three reasons for the fall) managed to climb back up above 0.86. This is still below the previous double bottom of 0.8660, but at least the free fall took a break.
The internal numbers look even better: Australia gained 33.4K full time jobs and lost 9.4K part time jobs. The participation rate ws also positive: 64.6% instead of 64.5% predicted.
Are the numbers reliable after the authorities revised 10 months of data and reported an unbelievable gain of 121K jobs a few months ago?
Support is at the veteran line of 0.8567, despite the short breach. Resistance is at 0.8660. For more, see the AUD/USD forecast. Here is how this stabilization looks on the chart:
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