The situation in the Australian labor market improved in October 2015. This is confirmed by the recent report published by the Australian Bureau of Statistics. According to the experts, the neutral decision regarding the monetary policy recently made by the Reserve Bank of Australia (RBA) is a correct one.
The report says that the amount of new jobs in Australia reached 58 600 units over the reporting period. At the same time, October’s unemployment rate dropped down to 5,9%. The data came as a surprise to analysts since they had expected no changes from September’s rate of 6,2%.
Masterforex-V Academy draws your attention to the fact that the recent report is another one in the series of strong reports on the Australian labor market. When adjusted for seasonality, the amount of fully-employed Australians improved by 40 000 people. At the same time, the amount of people seeking full-time and part-time jobs decreased by 30 300 and 3100 people respectively.
FOREX
In the meantime, the Australian Dollar is recovering from the long-term downtrend against the U.S. Dollar. Masterforex-V Academy reports that AUDUSD is developing an upswing – wave A/B of level H8 or higher. There is wave a(C )/ C inside of it. It I currently being formed by the price.
On its way to further highs, the price may well encounter resistance around such levels as 0.7184/97 + MF pivot 0.7215. Alternatively, on breaking below 0.7085 and the bottom of the ascending MF sloping channel, the rally will be complete.
