InstaForex - Analytics

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    Global macro overview for 20/06/2016

    Global macro analysis for 20/06/2016:

    According to the Australian Bureau of Statistics, the Australian employment change advanced in May up to a seasonally adjusted 17.9k, up from the 10.8k in April. Analysts has been forecasting only a 15.0k increase, so the estimates were beaten by this outstanding data. Moreover, the unemployment rate in Australia remained unchanged at 5.7%, in line with market participants' expectations. In conclusion, this king of employment data might suggest that record-low interest rates proved to be highly useful as the other branches of the job market (except for the mining industry) are absorbing more unemployed people.

    Let's now take a look at the AUD/USD technical picture on the daily time frame. The bulls have managed to break out above the golden trend line and then successfully tested it from above. Currently they are in control over this market and might challenge technical resistance at the level of 0.7504 again. In case of a bullish breakout, the next technical resistance is seen at the level of 0.7833.

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