Full employment is a central plank in the RBA's policy decisions nL3N26M22Z, making today's jobs a significant release.
The data was a touch better than forecast, with the unemployment rate unexpectedly falling 0.1ppt to 5.2%, and full-time jobs exceeding expectations at +26.2k nL3N2710VJ.
The knee-jerk AUD/USD response has been a 0.3% bounce.
OIS pricing for a November RBA rate cut on Eikon RBAWATCH fell to around 24% from 43.5% pre-jobs.
RBA Deputy Governor Debelle said this morning that the property downturn is hitting household consumption, economic growth and inflation, which will last for at least another year nS9N23B02F.
His comments do not bode well for the employment outlook and suggest further RBA cuts will be required.
Westpac, which called the easing cycle early, continues to expect the next cut in February. All this suggests that AUD remains a sell on strength. Charts show conflicting daily momentum studies, 5, 10 and 21 DMAs, which is a neutral setup.
Key levels are on the topside: 0.6809 is 61.8% of the September fall.
Support kicks in at 0.6723, 61.8% of the October bounce, which held in New York Wednesday.
Shorts around 0.6800 with a 0.6850 stop would provide value.
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