FxWirePro: AUD/USD edges higher on strong Australian jobs data

• AUD/USD edged higher on Thursday as upbeat jobs Australian jobs data calmed concerns about a downturn in the labour market and lessened the need for another rate cut in the very near term.

• Australian employment rebounded in July, driven by an increase in full-time jobs, lowering the unemployment rate from a 3½-year high and easing fears of a labour market downturn.

• Australian Bureau of Statistics data showed net employment increased by 24,500 in July, up from just 1,000 in June, matching market expectations. Full-time jobs rebounded strongly, rising 60,500 after June’s decline.

• The unemployment rate fell to 4.2% from 4.3%, its highest level since November 2021. The participation rate slipped to 67.0%, while total hours worked increased 0.3% following a June decline.

•  At GMT 04:00, the Australian dollar was up  0.04% to 0.6547 against the Greenback

•  Immediate resistance is located at 0.6611 (23.6%fib), any close above will push the pair towards 0.6634(Higher BB)

•  Support is seen at 0.6518 (SMA 20) and break below could take the pair towards 0.6460(38.2%fib).

 Recommendation: Good to sell around 0.6550 with stop loss of 0.6600 and target price of 0.6460