FxWirePro: AUD/USD hits weekly high at 0.7777, Aussie buoyed on upbeat employment data and broad market optimism

AUD/USD chart - Trading View 

AUD/USD on track to test 0.78 mark as upbeat Australian jobs data and broad market optimism keeps bulls buoyed.

Data released early Thursday showed Australia's jobless rate fell more than expected in December to hit the lowest level since April 2020.

Australia's jobless rate ticked lower to 6.6% in December versus expectations for a decline to 6.7% and compared to November's 6.8% reading. 

The economy added 50K jobs as expected following a solid job gain of 90K in November. The Participation ticked higher to 66.2% as expected. Full-time jobs grew by 35.7K following December's 84.2K. 

Markets remain broadly optimistic as Joe Biden set to take office in the White House as the 46th US President.

AUD/USD is extending bounce off 21-EMA support, rises for the 2nd straight session. 

Major trend is bullish and pullbacks have held 21-EMA support, weakness only on break below.

Momentum is bullish and volatility is high and rising. Scope for test of immediate resistance at 88.6% Fib at 0.7836. 

Continued bullish momentum eyes 200 month MA at 0.8250. Bullish invalidation below 200W MA.