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Short

Markets caught off-guard by booming Australia jobs report

FX:AUDUSD   Australian Dollar/U.S. Dollar
228 0 2
Australia jobs data was supposed to be a non-event, with a strong consensus there would be a correction to October's upside blowout.

But markets caught off-guard by booming Aus jobs report which showed employment change and headline data at +71.4k beating expectations at -10.0k.

Aussie soared post data, taking the pair to 0.7334, but has eased therefrom to currently trade at 0.7293.

Major resistance is seen at 0.7387 (converging trendline and 38.2% Fib of 0.8160 - 0.6907 fall), also the pair still trades below the 200 DMA at 0.7452 and only breaks above can see the tide turn.

If commodity & equity markets calm down, the AUD could move a lot higher in the lead-up to the Dec             16 FOMC decision.

Crude oil             prices edged up early on Thursday, supported by a fall in U.S. crude inventories after 10 straight weeks of builds, but a global oversupply and cheap oil             are still dominating the broader market.

Key support on the downside is at 0.7240/50 - where it was trading before booming jobs data, and then at 0.72 ( trendline ).

Our short call yesterday was stopped out after the spike post jobs data, the pair though hit lows of 0.7172 (falling short of our target at 0.71).

Recommendation: We would still look to sell rallies in the pair around 0.73, placing stops at 0.7390, TP: 0.72, 0.7150, 0.71
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