Australian Employment - Upbeat Headline Numbers
Australian Labor force added in July +26.2k jobs from expectation of 10k, even June numbers were revised to the upside.Even the overal unemployment rate fell to 5.7% from previous 5.8%.The headline number is strong and upbeat and that why the pair Aud/Usd moved up 50+ pips after the event.But is it all hunky dory with Aus Employment figures , well its not the break up shows that there was a massive drop in full time employment , Full time employment dropped to -45.4k (its a big deal) and part time moved up by 71.6k. So far the price action shows that the market choose to ignore this fact, the momentum is upward and it also helps that there is a overall USD weakness in this early Asian session.However if we notice that 0.7750 was twice tested but FAILED, so it makes a lot of sense to sell AUD / USD here at 0.7712 levels with stop above 0.7750 (10+ pips) and look for retest of fomc lows again , support comes first at 0.7680 and then at 0.7635 and 0.7600.
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