Global macro overview for 20/10/2016:
The Australian jobs market data surprised market participants after the unemployment rate was published last night. The global investors did not anticipate any changes from the last month 5.7% unemployment level, but the print revealed was at the level of 5.6%, better than expected. Moreover, the Australian economy lost 9,800 jobs, while markets had expected a 15,200 jobs gain after last month loss of 8,600 jobs. In conclusion, the proportion of people looking for work tumbled, so the unemployment rate is currently flat.
Let's now take a look at the AUD/USD technical picture in the daily time frame. The key resistance zone between the levels of 0.7708 - 0.7763 has not been violated and now the market is reversing its gains. The golden trend line is still providing additional resistance, so this zone might be quite tough to violate. It looks like the market will come back to the congestion zone again before the next rally attempt will happen. The next support is seen at the level of 0.7441.
