Australian Employment Report

Aussie takes a bullish turn – Employment report in play

Posted Thursday, August 16, 2018 by
Arslan Butt • 1 min read

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

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.

 

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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