Source: PaxForex Premium Analytics Portal, Technical Insight

Australia: unexpectedly strong labor market report

• Australia: October, employment rate +178.8 thousand vs. the forecast of -27.5 thousand and pre. -29.5 thousand;

• The unemployment rate of 7.0% vs. the forecast of 7.1% and pre. 6,9%;

•  Full employment rate +97.0 thous. vs. the forecast of -20.1 thous;

• Part-time employment +81.8 thou. vs. the forecasted 9.4 thousand; 

• The proportion of the able-bodied population 65.8% vs. the forecast of 64.8% and pre. 64,8%;

• Hidden unemployment -1% to 10.9%.

AUD/USD, 30 min

Pivot: 0.7296

Analysis:

Provided that the currency pair is traded above 0.7265, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.7296
• Take Profit 1: 0.7310
• Take Profit 2: 0.7330

Alternative scenario: 

In case of breakdown of the level 0.7265, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.7265
• Take Profit 1: 0.7250
• Take Profit 2: 0.7235

Comment:

RSI shows the possibility of ascending momentum during the day.

Key levels:

AUD/USD, D1

Pivot: 0.7307

Analysis:

While the price is above 0.7100, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7307
• Take Profit 1: 0.7415
• Take Profit 2: 0.7520

Alternative scenario:

If the level 0.7100 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7100
• Take Profit 1: 0.6985
• Take Profit 2: 0.6900

Comment:

RSI shows a bullish sentiment.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

EUR/USD - buy above 1.1850 with 1.1890 and 1.1910 targets as Take Profit. Alternative scenario - if the level 1.1850 is broken-down, sell with the TP 1.1830 and 1.1815.
GBP/USD – buy above 1.3225 with 1.3310 and 1.3330 as Take Profit targets. Alternative scenario - if the level of 1.3225 is broken-down, you should consider selling with the targets 1.3195 and 1.3165 as Take Profit.
USD/CHF - short positions below 0.9125 with 0.9085 and 0.9070 targets as Take Profit. Alternative scenario - if the level of 0.9125 is broken-out, buy with the targets 0.9140 and 0.9155 as Take Profit.