Employment Misses the Mark: AUD/USD Jumps
The latest round of employment figures are in from Australia and the headline number has come in a little soft. The initial reaction from that AUD/USD is a jump to the upside.
The headline number came in at -3.9K vs 15K expected.
The unemployment rate has dropped to 5.3% from 5.4% and that must be the figure that traders are latching onto at the moment.
There was also a large change in those who are in full time employment (+19.3K). That is far more important to the economy than part-time and that will be taken as a positive.
Aussie Outlook
The AUD/USD has been holding major support at 0.7200, and thanks to some USD weakness overnight, is has found some buying.
0.7170 is still my next downside target and it could well go below that.
The channel has been in place for some time now and that appears to be holding strong. It should give us a good indication of where we might push to the downside.
The AUD/USD is still bearish that is for sure.
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