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FxWirePro: AUD/USD edges higher, sharp drop in Australia jobless rate buoys Aussie

AUD/USD chart on Trading View used for analysis

  • Aussie remains supported after Australian Bureau of Statistics (ABS) reported a big drop in the jobless rate in September.
     
  • Australia jobless rate falls to 5.0%, the lowest since 2012. Data also showed that employment in seasonally adjusted terms increased 5,600 to 12,636,300.
     
  • Despite upbeat jobless rate, the spread between the 10-year UST yield and its Aussie counterpart has remained largely unchanged, suggesting limited upside.
     
  • Major trend remains bearish. Also, relatively hawkish FOMC minutes to keep lid on upside.
     
  • The pair finds stiff resistance at 21-EMA at 0.7146. Any further upside only on decisive break above.
     
  • On the flip side, 5-DMA is immediate support at 0.7125, close below will see resumption of weakness.

Support levels - 0.7125 (5-DMA), 0.7085 (Sept 11 low), 0.7040 (Oct 8 low)

Resistance levels - 0.7146 (21-EMA), 0.72, 0.7221 (55-EMA) 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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