AUD/USD spiked 30 pips on knee jerk to positive Aussie jobs data

Currently, AUD/USD is trading at 0.7868, up 0.28% on the day, having posted a daily high at 0.7873 and low at 0.7841.

AUD/USD has rallied 30 pips on the back of a promising Aussie jobs report.

Australia full-time job growth slows, unemployment rate drops in September

The monthly trend unemployment rate has decreased by 0.2 per cent over the past year to 5.5 per cent in September 2017, according to figures released by the Australian Bureau of Statistics (ABS) today. This is the lowest rate seen since March 2013 and reflects the strength in employment growth over the past 12 months.  "The trend unemployment rate had been hovering in the range of 5.6 to 5.8 per cent for almost two years, but has now dropped to a four year low of 5.5 per cent," the Chief Economist for the ABS, Bruce Hockman, said. 

Jobs data as follows:

• Employment Change: 19.8K beat
• expected 15.0K, prior 54.2K 
• Unemployment Rate:  5.5% beat
• expected 5.6%, prior 5.6%
• Full Time Employment Change: 6.1K
• prior was +40.1K
• Part Time Employment Change: 13.7K
• prior was +14.1K
• Participation Rate: 65.2%

AUD/USD levels

Above last week’s high at 0.7896 sits the 61.8% Fibonacci retracement at 0.7975 which should cap, if reached according to analysts at Commerzbank. However, Jim Langlands, at FX Charts offered his preferred strategy for a fade: "The 4 hour charts still suggest that selling into strength seems to be the plan, looking for an eventual move toward 0.7800. The dailies still look positive though, so I suspect that we could well be confined to a choppy range today, again confined to 0.7800/0.7900. Sell AudUsd at 0.7880. SL at 0.7915, TP at 0.7700."

AUDUSD: The dailies still look positive