• EUR/AUD strengthened on Thursday as below-forecast Australia jobs spurred Australian dollar selling across the board.
• Employment in Australia unexpectedly declined in August, led by a drop in full-time positions, while the steady jobless rate pointed to a slowly weakening labor market.
• Data from the Australian Bureau of Statistics showed employment fell by 5,400 in August, compared with a revised 26,500 gain in July, missing forecasts for a 21,500 rise as full-time jobs slumped 40,900.
• Australia’s unemployment rate held at 4.2% in August, as expected, while the participation rate edged down to 66.8%.
• Immediate resistance is located at 1.7862(38.2%fib), any close above will push the pair towards 1.8000(Psychological level).
• Immediate support is seen at 1.7621(50% fib) and break below could take the pair towards 1.7575(Lower BB).
Recommendation: Good to buy on dips around 1.7740, with stop loss of 1.7670 and target price of 1.7800
