Situation on the AUD after the data from the job market

Overnight, the market received data about the condition of the job market from Australia. The unemployment rate dropped, which was a good sign, but the employment change was worse than expectations. In overall, traders used this data to buy AUD, which is now strengthening across the market. On the EURAUD, we bounced again from the horizontal resistance on the 1.571, third time in a row. That is rather a very negative sign and we should see a further drop soon, especially that we are inside of a bearish flag formation.

AUDUSD is aiming higher for the horizontal resistance marked with a green color. That creates a nice buying opportunity for the short-term traders. Chances that we will test this area are pretty high.

AUDCAD is also about to test an important horizontal resistance. In addition to that, the price is about to draw a hammer on the weekly chart. End of the week will be especially interesting on this instrument. Price closing above the orange area will be definitely a strong signal to buy.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis