AUD/USD Currency Pair Flashing Green as Aussie Unemployment Rate Drops To 5.2%.
The AUD/USD currency pair hit the bullish track and climbed from 0.6759 to 0.6783 as Australian data showed an unexpected decline in the unemployment rate in September.
The jobless rate dropped to 5.2% from August’s 5.3% and the participation rate came in at 66.1% against 66.2% during August. The employment in Australia increased by 14.7K during September, after August’s 34.7K rise, which was mainly inspired by the rise in part-time jobs.
The employment progress during September was driven by the full-day job, which increased by 26.2K, after August’s -15.5K reading. Meanwhile, part-time jobs fell by 11.4K.
The labor data was expected to reveal that the economy added 15k new jobs for the month of September, whereas the jobless rate and participation rate still were unchanged at 5.3% and 66.2%, respectively.
The surprising positive data could reduce pressure on the Reserve Bank of Australia to rates cut before the year-end. The chances of a rate cut stand above 70% currently.
The AUD currency could drop its buying trend during the day ahead. Notably, the Central Bank delivered successive rate cuts during the month of June and July and decreased rate to a record low of 0.75% in October.
Daily Support and Resistance
Support Resistance
0.6823 0.6833
0.6818 0.6838
0.6808 0.6849
Key Trading Level: 0.6828
AUD/USD – Forex Trading Signal
The idea is to stay bullish above 0.6800 with a stop loss below 0.6800 and take a profit of 0.6850 today.
Good luck!
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