Article By RoboForex.com
On Thursday morning, the AUD/USD pair sharply lowered after the publication of statistical data on the employment market in Australia.
Just the other day, in one of the comments I drew attention to the fact that even if interest rates softened the employment market in Australia will still remain in a difficult situation. Today’s statistics have confirmed it – the Aussie fell.
So, at the end of January, the employment rate in Australia fell to -12.2 points against the forecast of growth of up to 5 points. Our usual indicator – unemployment, in the past month increased by 6.4%, with the forecast of growth by 6.2% and the last figure of 6.1%.
It is clear that these stats have a strong rationale: investment in the mining sector has been reducing for a year and will be cut even more in the next two years. Earlier, the government was quick to react to changing market conditions, but now there is too much unemployment, and the picture of the economy is far from perfect.
The fall of the AUD has immediately rebound on the New Zealand dollar.
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For now, the technical level of support in the AUD/USD pair is the 0.7580 mark. Today’s levels are multi-year lows, the Aussie has not come this far yet.
RoboForex Analytical Department
Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
