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AUD/USD - Double Bottom in the Works after Jobs Data

Today, the Aussie got a boost after better than expected jobs data.

AUS Employment Change (May): 42.0K
Forecast: 12.3K
Previous: -13.7K (revised from -2.9K)
Unemployment Rate (May): 6.0%
Forecast: 6.2%
Previous: 6.1% (revised from 6.2%)

The jobs data was much better than expected with the jobless rate at the lowest level in a year. The data seems skeptical to some as reported by Bloomberg News, but the reaction in the market has so far been very bullish for the AUD, as if some traders are pricing out of an expected rate cut this year. 

AUD/USD 4H Chart 6/11
(click to enlarge)

In the 4H chart, it looks like AUD/USD is forming a double bottom. The USD has been quiet in general this week so AUD/USD found support at 0.7598. But now do we believe this better-than-expected jobs data will have any impact on the RBA's rate cut expectation? 

I am also skeptical.because one strong jobs data for one month might not be enough to turn the RBA away from a rate cut. Bloomberg noted that low wage growth has held employment up. Meanwhile, the participation rate held at 64.7%. 

With the fundamental backdrop, I would look to fade a rally that comes out of the bullish attempt. There are 2 places I think traders will fade the AUD/USD. 

1) If the USD regains strength - and we can look at the USD/JPY where a break above 124.60 would represent USD strength - then the AUD/USd might find resistance at the 0.7819-0.7850 area. 

2) If the AUD/USD climbs higher - most likely as the USD/JPY continues bearish correction  - then the pair has more upside risk towards 0.79-0.7935,. 

AUD/USD Daily Chart 6/11

(click to enlarge)

The daily chart shows that there is a common resistance around the 0.79-0.7935 area. 

We should note that price has flattened since February, but after a failed bullish breakout in May, the mode is likely bearish again.