AUD/USD on the rebound after latest jobs report
Yesterday the AUD/USD did eventually force an upside break above resistance at 0.6522. The rise though that level did not extend by much though. The AUD/USD rose 20 pips, to 0.6542 and that was the extent of it and it was not able to close above 0.6522 last night, ending the US session at 0.6509. Earlier today the latest Australian monthly jobs report seemed to pressure the downside after payrolls in October beat forecasts, rising by 55k, where only a 20k increase was anticipated. That news sent the AUD/USD down to 0.6461. However, upon closer inspection that jobs report was not quite as good as the headlines read. Full time jobs only accounted for 17k of that gain and the participation rate rose as well. That said, it was not a bad set of numbers, but clearly little more than was anticipated, so the AUD/USD rebounded off that low. It is just now trading at 0.6494
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