FxWirePro: AUD/USD inches closer towards 0.76 handle, Aussie bulls cheer upbeat jobs report and Mid-Year Budget update

AUD/USD chart - Trading View 

AUD/USD was trading 0.15% higher on the day at 0.7585 at around 05:00 GMT, after closing 0.24% higher in the previous session.

The pair is extending gains for the 5th straight week, edges above 78.6% Fib, outlook bullish.

Australia's jobless rate fell to 6.8% in November versus expectations for 7%, pushing the Aussie dollar higher against its US counterpart. 

The economy added more jobs than expected, easing pressure on the RBA to do more easing.  

Further details of the report showed the country gained 90K jobs in November versus 50K expected and 178.8K previous. 

Fulltime Employment rose 84.2K versus 97K previous, and the Participation Rate ticked higher to 66.1% from 65.8%. 

Upbeat economic predictions in the Mid-Year Economic and Fiscal Outlook (MYEFO) also support the AUD.

Technical indicators for the pair support gains. Momentum studies are bullish. Volatility is rising.

The pair is trading just shy of 0.76 handle. Bullish momentum to push prices higher. Next major bull target lies at 88.6% Fib at 0.7836.