Global macro overview for 17/11/2016:
The data from the Australian job market surprised global investors. The unemployment rate remained unchanged at the level of 5.6% despite slightly elevated expectations of a rise to the level of 5.7%. Moreover, the Australian economy created 9.8k jobs, but market participants expected 20.1k jobs more after a 29.0k drop in employment a month ago. The jobs growth was spurred by 41.5k extra full-time positions while the seasonally adjusted estimates point to 31.7k part-time jobs being shed. In comparison, part-time employment has advanced by 132k, with its share of overall employment increasing from 31.1% to 32%. In conclusion, despite tepid figures from the Australian job market for the last month there are no reason to panic yet. The next Reserve Bank of Australia meeting in mid-December will be closely watched by global investors if the job data for November disappoint as well.
Let's now take a look at the AUD/USD technical picture in the daily time frame. The market is trading below all of the moving averages and it is approaching the next important support at the level of 0.7441 after the recent break out attempt above the level of 0.7835 has failed. If the support at the level of 0.7441 and 0.7419 is violated, then the next support is seen at the level of 0.7285.
