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Tuesday, 23 May 16:27 (GMT -05:00)



Foreign exchange market

Forex. AUDUSD: U.S. Dollar Feels Pressure From Aussie Amid Australian Labor Market Report


 

According to the latest official report on the Australian labor market, the rate of unemployment in Australia decreased last month. At the same time, the report says that the Australian labor market showed some other improvements over the reporting period, Market Leader reports.

 

 

 

In particular, the official rate of unemployment in Australia declined from 6,3% in July down to 6.2% in August. The actual figures completely matched the predictions.
 
As the rate of unemployment goes down, the amount of employed Australians keeps growing. As of August, the amount of the employed in Australia grew by 17 400 people, which is way above the forecast expecting an 8000 increase.  
 
At the same time, the amount of part-time jobs increased by 5 900 vacancies in August. The amount of full-time jobs increased by 11 500 vacancies over the same reporting period, which happens to be slightly below those 13 100 seen in July.
 
Apparently, lower unemployment and higher employment coupled with a bigger amount of jobs hint us at some positive changes in the overall dynamics seen in the Australian labor market over the last few years. All in all, these changes favor consumption spending and economic growth while exerting positive effect on the national currency – the Australian Dollar, Masterforex-V Academy reports.
 
By the way, Masterforex-V Academy experts say that while the mentioned changes favor the national currency of Australia, AUDUSD is forming wave A/B of level H8 or higher. This wave is a part of a big-scale rally of the Aussie against its American counterpart.
 
Specifically, the currency pair is currently developing wave b(C ) within the scope of the rally. A break above the 0.7098 high is going to give way to further high, thereby extending the rally. If this is the case, the price is probably going to encounter resistance around such levels as 0.7130/34, 0.7157/67 and well as MF pivot 0.7248 and the top of the descending MF sloping channel. Alternatively, the current bullish momentum is going to be suspended as long as the price breaks below MF pivot 0.6944 and the bottom of the ascending MF sloping channel.
 

 

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