During the Asian session (3:30 CET) markets were affected by data from the Australian labour market. Positive data immediately reflected in Aussie quotes.
While the unemployment rate in August remained unchanged at 5.6%, which was also in line with expectations, employment increased significantly. Expectations of only 15 thousand new orders were beaten by the number of 54.2 thousand. Additionally, the previous reading (29.2k vs. 27.9k) was positively revised.
Volatility on AUDUSD
Labour market data from Australia has caused a change in the AUDUSD. Australian dollar in first 5 minutes after the event strengthened by more than 40 pips.
Currently the price moves in range of morning growth. The intraday support provides an area 0.7993. Resistance is the high of today’s session around 0.8015.
Looking from a slightly wider perspective on the chart (H4) we see that the price returned to the channel and before night-time reflection was near the local support at 0.7970.
Further upward movement should be limited by upper channel limitation. If the bears regain control and the local support is broken down, the target may be the lower limit of this formation.