AUD Ticks Higher as Jobless Rate Improves
Rowan Crosby • 1 min read
Some more positive jobs data was released today in Australia showing the unemployment rate on the decline.
The jobless rate fell to 6.4% from the prior of 6.6% with the expectation of 6.5%, so the trend is headed in the right direction.
At the same time, we did see a slightly weaker headline number of 29K new jobs vs 40K expected.
Melbourne had been forced back into a mini-lockdown recently as well as a few other areas around the country, but I’m not sure these would have impacted the official figures for the prior month.
Overall, the economy is getting back on track and in many areas the China virus is all but forgotten. But we are still not back to prior levels.
Looking to the charts and we can see that price has pulled back very cleanly from the 0.7800 level, which is likely going to be the major focus going forward.
Around the 0.7725 level, we have seen buying on multiple occasions. Below that we will also be looking at 0.7700 as a big support level.
For the time being, the Greenback is still playing a key role in the direction, so I think we need to simply trade off these key levels for now.