FxWirePro: AUD/USD rallies on impressive jobs report, tests 110-EMA at 0.7278, stay long on break above

AUD/USD chart on Trading View used for analysis

• Aussied buoyed on another much stronger than expected Australia jobs data.
   
• AUD/USD rallied from 0.7234 to a high of 0.7274 on a stellar report.
   
• Australia's seasonally-adjusted Unemployment rate came in at 5.0%, shrugging off broad market expectations for a tick upwards to 5.1%.
   
• The participation rate printed at 65.6%, outpacing both the 65.5% expectation and 65.4% previous showing.
   
• The major is extending upside for the 3rd straight session, tests 110-EMA at 0.7278, bias higher.
   
• Volatility is rising and break above 110-EMA could take the pair higher to test 200-DMA.
   
• Momnetum studies are bullish, Stochs and RSI are sharply higher and price has broken above daily cloud.
   
• On the downside, 5-DMA is immediate support and break below could see dip till 20-DMA.

Support levels - 0.7224 (5-DMA), 0.7197 (55-EMA), 0.7187 (21-EMA)

Resistance levels - 0.7278 (110-EMA), 0.73, 0.7315 (Sept 26 high)

Recommendation: Good to go long on breakout at 110-EMA, SL: 0.7220, TP: 0.73/ 0.7381/ 0.74

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