Global macro overview for 18/08/2016:
The jobs data from Australia were released overnight and they were slightly better than expected. Australian Employment Change jumped 26.2k (10.2 expected and 10.8 prior) and it was the sharpest gain since October 2015. The unemployment rate edged down to 5.7% (5.8% expected and 5.8% prior). The participation rate remained unchanged at the level of 64.9%. In conclusion, the latest rate cut by RBA is now showing visible results, which could be not very impressive yet, but definitely it is a pretty good beginning.
Let's now take a look at the AUD/USD technical picture in the daily time frame. The market keeps trading above all of the moving averages, but it has been rejected at the level of 0.7754 and the price made a bearish piercing pattern. The next support is seen at the level of 0.7510 and the next resistance is seen at the levels of 0.7754 and 0.7834.
