COZforex: The Australian dollar ended Friday’s session little changed against the USD, as investors digested the release of November’s US non-farm payrolls data while continuing to monitor negotiations among US lawmakers to avoid the looming “fiscal cliff” crisis.

The US Department of Labour said the economy added 146,000 jobs in November, beating forecasts for an increase of 93,000. The unemployment rate falls to 7.7%, an almost 4 years low from 7.9% in October. But sentiment remained under pressure as investors digested less encouraging details of the jobs report. According to the data, the drop in the unemployment rate was attributed to more people dropping out of the labour force, while previous month’s gain of 171,000 was revised down to 138,000.

The Aussie rallied to a two-and-a-half-month high against the greenback on Thursday following the release of stronger-than-expected Australian jobs data. The nation’s employers added 13,900 jobs in November, far more than the expected 200 increase, after a downwardly revised 10,100 rise the previous month.

Furthermore, Australia's unemployment rate ticked down to 5.2% last month from 5.4% in October. Analysts had expected the unemployment rate to rise to 5.5% in November. The data came a day after a government report showed that Australia's gross domestic product rise less-than-expected in the third quarter, ticking up 0.5% after a 0.6% increase in the previous quarter. On Tuesday, the Reserve Bank of Australia cut its benchmark interest rate to 3% from 3.25%. Commenting on the decision, RBA Governor Glenn Stevens said the Australian dollar remains “higher than might have been expected” given lower export prices and a weaker global outlook.

Coz forex senior derivatives trader Daniel • Moloney said, AUD/USD is predicted to find its first resistance at 1.0512, and a rose through could take it to the next resistance line of 1.0544. Also, the pair is predicted to find support at 1.0451, and a fells through could take it to the next support line of 1.0423.

Daniel • Moloney said AUD/USD is trading between its 20 Hr and 50 Hr moving averages. (COZ forex UK)


COZ forex AUD/USD Chart:

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