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Australia gains more (part-time) jobs than expected – AUD/USD

The  Australian economy gained 26.2K jobs in July, more than double the early expectations for 10.2K. Also, the figure for June was revised up to 10.8K, up from 7.9K initially reported. The unemployment rate  surprisingly dropped from 5.8% to 5.8%.

The good news helped the Australian dollar bounce back: from 0.7650 to above 0.77.  However, the pair finds it hard to maintain the gains.

The participation rate remained unchanged at 64.9%, meaning that the fall in the unemployment rate is genuine.  On the other hand, the internal division between full-time and part-time jobs is not encouraging. Part time jobs are up 71.6K while full-time jobs are down 45.4K. Hours worked are 3.7 million.

Here is how it looks on the chart.  On the topside, we find 0.7740 and 0.7840. as lines of resistance. Looking down, 0.7640 and 0.76 await.

More:  AUD Carry Metrics Not Flashing Red Yet; Caution On NZD – BofA Merrill

AUDUSD August 18 2016 jobs report

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.