The Australian labor market shoed signs of improvement in November. This is what the official report indicates. The experts indicate that non-mining employment grew as well over the reporting period, which is a good sign.
More specifically, the rate of unemployment went down to 5.8% in November relative to October’s 5.9%. It should be noted that the actual figures failed to match the estimates since the analysts had expected an increase up to 6.0% over the reporting period. Amid lower unemployment, we can see higher employment figures – some 71.4 jobs. New Wales is the place with the biggest amount of vacancies in Australia as of now. This is a clear indication that Australia’s non-mining sectors are improving as well.
FOREX
The labor market figures backed the Aussie’s rally, Masterforex-V Academy experts say. More specifically, the Australian Dollar keeps on rallying against the U.S. Dollar. The AUDUSD currency pair is forming an upswing represented by wave A/B of level Weekly or even higher.
The thing is that the price is currently developing a minor move - wave b(C ) – inside the mentioned one. Please keep in mind that the 0.7382 high is currently treated as the closest major levels of resistance, which means the price may find it difficult to pass through them. But once it’s broken, we may see a further rally up to new local highs with targets around 0.7470/86, 0.7518/24. Alternatively, if the price breaks below the bottom of the ascending MF sloping channel and MF pivot 0.7067, this is going to be the end of the mentioned rally.
