• AUD/USD slipped lower on Thursday as investors digested latest Australian labor market figures.
• Australian employment fell in November by the most in nine months, while annual job growth slowed sharply from earlier in the year further evidence that the labour market is cooling and potentially reducing pressure for a near-term rate hike.
• Figures from the Australian Bureau of Statistics on Thursday showed that net employment fell by 23,100 in November, following a 41,200 surge in October.
•The result sharply missed market expectations for a 20,000 increase. Full-time employment accounted for most of the weakness, dropping by 56,500.
• Annual job growth slowed to 1.3% in November, down from 3.5% at the start of the year and now trailing the country’s 2% population growth.
• Immediate resistance is located at 0.6701(23.6%fib), any close above will push the pair towards 0.6726(23.6%fib).
• Support is seen at 0.6616 (38.2%fib) and break below could take the pair towards 0.6547(50%fib).
Recommendation: Good to buy around 0.6600, with stop loss of 0.6550 and target price of 0.6680
