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Fan Yang

AUS Jobs Data Gives AUD a Slight Bump

AUS Employment Change (Oct): 24.1K
Forecast: 20.3K
Previous: -23.7K (revised from -29.7K)

(click to enlarge; source:

Unemployment rate (Oct): 6.2%
Forecast: 6.2%
Previous: 6.2%

(click to enlarge; source:

This was a decent jobs report, though the theme of the this data set has been volatility and essentially unreliability as a gauge of labor conditions.

The market gave the AUD a slight bump, but as you can see in the following charts, the Aussie is still pressured.

AUD/USD 1H Chart 11/6(click to enlarge)

AUD/NZD 1H Chart 11/6(click to enlarge)

AUD/CAD 1H Chart 11/6(click to enlarge)

These charts show the AUD/USD already on a bearish swing. It consolidated just ahead of the jobs data, and built a mini-price-bottom thereafter. Price action in all three crosses still look bearish. These "price bottoms" look vulnerable, and the AUD looks poised for further decline after the initial reaction to a jobs data that beat forecast, but has been seen as unreliable.

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