- AUD bulls ignore poor show in the Australian jobs data, push higher to break the 0.76 handle after a surprisingly dovish FOMC.
- Australia´s Bureau of Statistics reveled a 0.3k increase in total employment (seasonally adjusted) (consensus +10k). Full-time jobs came in at 15.9k vs -40.3k last (revised), while part-time saw a decline of -15.6k.
- Australian unemployment rate was unchanged at 5.8% vs 6% expected, with the participation rate at 64.9% vs 65.1% last (revised).
- The pair has hit session highs at 0.7618 and has edged lower to currently trade around the 0.76 handle.
- Momentum still with the bulls, gains upto 0.7660 (rising channel top resistance) likely.
- Strength in RSI seen at 66 levels, Stochs are biased higher and major moving averages converge higher.
- Immediate resistance is seen at 0.7648 (Double top Apr 14th and July 3rd), while support on the downside is seen at 0.7536 (5-DMA).
Recommendation: Good to buy dips around 0.76 levels, SL: 0.7535, TP: 0.7645/0.7660/0.77
The material has been provided by InstaForex Company – www.instaforex.com