Aussie takes a bullish turn – Employment report in play

Good morning, traders.

The commodity currency AUD/USD takes a bullish turn to jump from a multi-month low of 0.7200. It’s mostly due to the recent drop in the Australian unemployment rate, which surprisingly drops from  5.4% to 5.3%. While employment change misses the expectation of 15K to drop to -3.9K.

AUD/USD – 120 Min Chart

Technically, the AUD/USD is heading north to complete 38.2% Fibonacci retracement near $0.7295. Below this (0.7295), the pair can stay bearish, while a bullish violation of this level can lead Aussie towards $0.7320.