#AUDUSD @ 0.68716 Breaking: drops over 30 pips on Aussie jobs data disappointment
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The Australian Employment Change and jobs data released by the Australian Bureau of Statistics has been released as follows and is a disappointment, weighing on the Aussie:
(Prior to the data above)
(Knee jerk reaction below)
The Aussie is under pressure on the Unemployment Rate disappointment and big miss in the Employment Change:
AUD/USD has dropped heavily on the back of the data and a break of the recent 0.6865 lows is on the cards for the day ahead.
In prior analysis, AUD/USD Price Analysis: Bulls are forced to the edge of the abyss, a bearish thesis was drawn as follows:
”Should the bears commit below 0.6920:
There will be probabilities of a much deeper breakout with 0.6720 eyed at the extreme as per the daily chart.”
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).
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