FxWirePro: AUD/USD firms on solid employment data

• AUD/USD firmed on Thursday after upbeat jobs data narrowed the odds of another rate rise.

• The employment report showed that the unemployment rate held steady at 4.1% in January, defying analysts’ expectation of 4.2%.

• Total employment grew by 17,800 after a substantial surge in the prior month, with full-time positions climbing sharply by 50,500..

•The Reserve Bank of Australia cited a tight labour market as one reason why it lifted rates by a quarter point earlier this month, and there is yet no sign of any loosening in the market.

• Immediate resistance is located at 0.7088(Daily high), any close above will push the pair towards 0.6741 (23.6%fib).

• Support is seen at 0.7035(38.2%fib) and break below could take the pair towards 0.6971 (50%fib).

 Recommendation: Good to buy around 0.7040, with stop loss of 0.6950 and target price of 0.7100