• AUD/USD gained ground on Thursday as investors reacted to Australian January employment figures.
• The Australian Bureau of Statistics reported a net increase of 44,300 jobs in January, following a 60,000 rise in December. This exceeded the 20,000 forecast, with all gains in full-time employment, which rose by 54,100.
• The jobless rate rose to 4.1% from 4.0% as the workforce grew more than the number of jobs added.
• The Reserve Bank of Australia cut its cash rate by 25 basis points to 4.10%, but warned that further rate cuts are not guaranteed due to inflation risks.
• At GMT 05:26 The Australian dollar was last trading up 0.32% to $0.6364.
• Immediate resistance is located at 0.6371(50%fib), any close above will push the pair towards 0.6406(Higher BB).
• Support is seen at 0.6305 (38.2%fib) and break below could take the pair towards 0.6228(23.6%fib)
Recommendation: Good to buy around 0.6350, with stop loss of 0.6300, and target price of 0.6400
