Global macro overview for 14/07/2016:
The Australian job market data was released last night and it broadly met the market expectations. The unemployment rate edged higher to 5.8% from 5.7% a month ago ( as expected) and employment change was short of expectations posting a number of 7.9K, which is worse than the expected 10.1K and below 19.2K a month ago. The participation rate edged a little higher to 64.9% from 64.8% a month ago. In conclusion, there is no dramatic change in the Australian job market with the most of the released indicators met the market expectations.
Let’s now take a look at the AUD/USD technical picture in the daily time frame. The market is trading above the 55,100, and 200 DMA. Moreover, the bull camp managed to break out above the brown trend line and it is currently trying to challenge the technical resistance at the level of 0.7647. Any failure here would mean an immediate test of the nearest support at the level of 0.7503.
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