Home Australian employment shines – AUD/USD rises to resistance
AUD/USD Daily Outlooks, Forex News Today: Daily Trading News

Australian employment shines – AUD/USD rises to resistance

Australia enjoyed a growth of 37.4K jobs in December,  far better than a modest gain of 5.3K expected. This came on top of an upwards revision to November’s figures, which now stand at 45K. Also the unemployment rate is going in the right direction: a drop to 6.1% instead of 6.3% expected.

The positive figures, despite being doubted by some, sent AUD/USD to resistance at around 0.8215.

The gains seen in the past two months are the strongest  in over 8 years. Full time employment is up 41.6K and part time is down 4.1K. The participation rate is up to 64.8% from 64.7% beforehand.

Only 24 hours beforehand, AUD/USD fell below 0.81 together with the price of copper. It now looks much better.

Banks have rushed to update forecasts, now cutting the chances of rate cuts from the RBA. Just a month or two ago there were estimations for rate cuts beginning already in February.

The  very round level of 0.80 proved to be the “line in the sand” for the Aussie.

More:  6 reasons why AUD/USD long is the top trade for 2015 – Nordea

Support is now seen at 0.8150. Below 0.81, the low level is 0.8066, which was the 2010 low, followed by the 2015 low of 0.8032.

Here is the chart:

AUDUSD higher on great employment data January 15 2015 Australian unemployment falls

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.