Australia reported a unbelievable gain of 121K jobs in August, way off the chart. That was taken with a grain of salt at the time, and now the Australian Bureau of Statistics has made the bold decision of changing it by basically removing the seasonal adjustment. So, that means that Australia gained only 32.1K jobs in August.
This comes one day ahead of September’s jobs data, and already has some negative impact on the Aussie.
July’s fall in jobs is also lower on the removal of seasonal adjustment: from 11.9K to 4.1K now. This is actually a small improvement. August has the bigger impact. We do not know the impact that this has on he unemployment rate, but it is set to rise for August.
For the month of September, the current estimations stand on a loss of around 30K. This will definitely shake the Aussie. See how to trade the Australian employment change with AUDUSD.
AUD/USD reached a high 0.8828, matching previous highs, and has since lost ground. At the time of writing, the pair is trading at 0.8770, and this is a battleground.
The 0.87 line provides some support, with critical support awaiting at 0.8660. All in all, the Aussie’s technical behavior is quite nice, and it justifies the top spot in the list of most predictable currency pairs.
Here is the chart:
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