7 Nov 2013
GBP/AUD skyrockets on soft Australian jobs
FXstreet.com (Athens) – The GBP/AUD was hovering around 1.6870-1.6880 area, but as soon as the Australia data released at very soft levels, the cross spiked 100 pips higher at the area as of 1.6973.
GBP/AUD eyes 1.7000 on dismal Australian data; still the cross seems to stall at range
The GBP/AUD was moving between 1.6873-1.6880 area, but well after the disappointing release of the Australian jobs data it moved sharply higher by roughly 100 pips in the area as of 1.6973. Briefly, the Australian labor data revealed a 1.100 net increase in payrolls for the month which was much worse than the 10,000 increase expected. What’s more, the unemployement rate remained unchanged at 5.7%, close to the four-year high set in July (5.8%).
Technical Aspects on the GBP/AUD
The GBP/AUD stalled at the range high as of 1.6973 (daily range 1.6873-1.6973). It seems that the cross might need to overcome the hurdle as of 1.7120 (61.8% Fibonacci of the October fall) to move further higher. The initial support and resistance levels in the short-term can be placed at today’s daily lows and highs, as of 1.6873 and 1.6973,respectively.
GBP/AUD eyes 1.7000 on dismal Australian data; still the cross seems to stall at range
The GBP/AUD was moving between 1.6873-1.6880 area, but well after the disappointing release of the Australian jobs data it moved sharply higher by roughly 100 pips in the area as of 1.6973. Briefly, the Australian labor data revealed a 1.100 net increase in payrolls for the month which was much worse than the 10,000 increase expected. What’s more, the unemployement rate remained unchanged at 5.7%, close to the four-year high set in July (5.8%).
Technical Aspects on the GBP/AUD
The GBP/AUD stalled at the range high as of 1.6973 (daily range 1.6873-1.6973). It seems that the cross might need to overcome the hurdle as of 1.7120 (61.8% Fibonacci of the October fall) to move further higher. The initial support and resistance levels in the short-term can be placed at today’s daily lows and highs, as of 1.6873 and 1.6973,respectively.