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Australian Employment Beats Expectation – AUDUSD Reaction and Analysis.

16 November 2023 By Lachlan Meakin

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Australian employment change for October was released today and showed a decent beat of +55k jobs added vs an expected 22.8k while the unemployment rate ticked up to 3.7% in line with expectation.

AUDUSD reaction was muted, with markets still convinced that we have seen the peak in the RBA rate cycle with futures barely moving the needle on rate hike odds for the RBA December meeting.

We did see a small pike higher of around 12 pips on the release, but it seems the resistance above 0.6500 for this pair is going to be tough to crack and the cross rate quickly retraced to a level below when the reading was released.

Looking at the AUDUSD 4-hour chart a double top of testing the major resistance level is forming with both tops entering the extreme RSI overbought level. A repeat of the AUDUSD sell-off back to the range mid-price of 0.6400 is looking a possibility for this pair unless we see another sell-off of the US Dollar. The sole tier 1 news release out of the US for the remainder of this week is weekly unemployment claims, so that will be the one to watch.

 

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