- Aussie Dollar found surged higher today, as the employment report of Australia exceeded the market forecast.
- The Employment Change report published by the Australian Bureau of Statistics stated that the change in employment was 71.4K in November 2015, which was above the forecast of -10K.
- The most important figure was the Unemployment Rate, which moved lower from 5.9% to 5.8%.
- AUDJPY moved higher, but it is currently facing a major resistance near a bearish trend line on the hourly chart.
The AUDJPY pair enjoyed gains during the Asian session, as it rocketed higher by more than 50 pips. However, the upside was stalled right near a major bearish trend line on the hourly chart, which acted as a barrier for more gains.
There were a couple of attempts to break the highlighted trend line and resistance area, but sellers failed. One key point to note here is the fact that the 100 and 200 hourly simple moving averages are also above the trend line to prevent the upside move.
On the downside, the 50 hourly MA can be seen as a short-term support.
Australian Employment Change
Today, Australia saw a major release, as the Employment Change report was published by the Australian Bureau of Statistics. It measures the change in the number of employed people in Australia, and plays an important role for the market sentiment for AUDUSD and related Aussie Dollar pairs. The forecast was lined up for a decline of -10K in November 2015, but the result was encouraging, as the change was 71.4K.
However, the most important figure was the unemployment rate. The market was expecting an increase, but the result was opposite. There was a decline from 5.9% to 5.8%.
The AUDJPY rallied sharply after the report, but as long as it is below the trend line and resistance area it remains at risk.