At Asian session, Australian job data hits the wires boosting wild moves of 100pips in the matter of 10 minutes.
AUD: Employment increased 38,500 to 11,810,700. Full-time employment increased by 12,400 to 8,170,400, and part-time employment increased by 26,100 to 3,640,300.
Unemployment increased by 40,100 to 800,700. The unemployment rate rose by 0.3% to 6.3%.
A fall in commodity prices badly hit the Australian economy in the recent years. The Australian economy is known for beeing rich in natural resources like coal, iron ore, and gold. After the commodities super cycle,iron ore and coal prices has been sharply falling. Recently, gold prices added some more pressure to the AUD.
CAD: Canada's exports increased 6.3% in June while imports declined 0.6%. Export volumes rose 4.8% and prices increased 1.5%. Imports declined 0.9% while prices were 0.3% up. As a result, Canada's trade balance deficit narrowed from $3.4 billion in May to $476 million in June.
This was the first increase in exports after five consecutive months of a decline.
Upcoming events : Today, traders eye the RBA monetary policy statement.
Canada's building permits, employment change, unemployment rate and PMI is due on Friday. We expect wild moves today and tomorrow as well.
The cross extended its fall but managed to hold 200Dsma found at 0.9635.
At yesterday's session, the cross faced resistance at 0.9745 making a double top, parallel resistance is seen at 0.9744. The nearest resistance is seen at 0.9790 100Wema, 0.9810 100Wsma, and 0.9840.
In the daily chart, the cross managed to close above all moving averages. It hit a higher low and higher high in the daily chart. In the weekly chart, the cross managed to close above 20&50Wsma.
The nearest resistance is seen at 0.9790 100Wema, 0.9810 100Wsma, and 0.9840.
Today, the cross is trading at 0.9648 compared to Wednesday's closing price 0.9690.
Intraday- Support is found at 0.9630, 0.9590, and 0.9540. Resistance is seen at 0.9775, 0.9800, and 0.9820.
Trade: We recommend fresh buying above 0.9730 with targets at 0.9745, 0.9775, and 0.9800. It is likely to extand to 0.9820 in the extreme case or even further to 0.9840.
The material has been provided by InstaForex Company – www.instaforex.com