The unemployment rate in Australia remained unchanged in April 2016. This is confirmed by the official report recently released by the local office for national statistics. At the same time, the amount of employed Australians grew slower than expected by economists.
To be more specific, the rate of unemployment in Australia was equal to 5.7% during the reporting period, the Australian Bureau of Statistics reports. The index remained unchanged compared to March’s figures. At the same time, the rate of unemployment turned out to be below the forecast, which had anticipated an increase up to 5,8%.
Despite the stable rate of unemployment, the amount of employed citizens kept on growing during the reporting period. According to the report, this amount increased by 10 800 people. Still, the actual figures happened to be below the expected growth of 12 500 people since March’s figures were around 25 700 people. Anyway, the stability is a good sign for the national economy.
FOREX
The labor market data increased the bearish pressure on the Australian Dollar. Masterforex-V Academy reports that AUDUSD is moving within the scope of a major bullish momentum – wave A/B of level Daily2 or higher.
To be more specific, the currency pair is probably developing sub-wave 5 or a part of the “Hound of the Baskervilles” pattern by Elder/MF. On breaking the local low of 0.7174, the currency pair is going to continue the existing move. If that’ the case, the next major levels of support will be found at 0.7104, 0.6982. Alternatively, a break below the descending MF sloping channel and MF pivot 0.7363 is going to indicate the end of the existing market bias.
