Upbeat labor data failed to lift the AUD above 76 cents against the USD. The Australian dollar opened at 0.7654 and hit a day low of 0.7619 in later session.
The first support is at 0.7602 and 0.7563 subsequently. The first resistance is at 0.7685 and 0.7724 subsequently.
The dip comes after the Australian Bureau of Statistics revealed positive employment figures, most of it surpassing projections. The unemployment rate in March was at 5.7 percent, 0.1 percent lower than February’s 5.8 percent. Analysts expected it to increase to 5.9 percent in March.
This is the lowest unemployment rate since September 2013. According to employment minister Michaelia Cash, the number of working people increased 2.2 percent, while the unemployed fell by 4.6 percent in the past 12 months. Furthermore, 26,100 jobs were also added, topping an estimated 20,000 additional jobs.
The report also showed that people scored more part-time jobs as it increased by 34,900, a 10-month high, while full-time jobs dwindled by 8,800. Participation rate rose by 0.9 percent.
However, investor sentiment was unfazed as more sold their AUD for a slowly recovering greenback despite US retail sales in the red. The US inflation report will be published later today.
The MACD indicator is in a negative position. The price is decreasing.