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The AUD slumps on the negative jobs data by the RBA

The AUD slumps on the negative jobs data by the RBA

Information is not investment advice

Today, the Australian authorities announced the unemployment rate at 5.3% as expected by the analysts. It signals a 0.1% increase in the number of jobless people since the previous release, while the RBAs target was 4.5%. At the same time, employment fell by 19K. This again shows a worse scenario against the 15K growth forecast.In consequence, the AUD fell drastically against most of the currencies. On the H1 chart of AUDUSD, the price dropped by 43 pips from 0.6839 to 0.6796. Currently, the Australian dollar is in the correction. However, there is no certain indication so far that the trend is planning to revert to the bullish direction. The resistance level may be placed at 0.6839, while the bears may have 0.6796 to watch for. If it is broken, the price will likely go for the support level of 0.6776.

Market movement November 14.png

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