Australia Employment Change came in at 14.5K, beating expectation of 5.1K and -9.1K previous month. Looking deeper beyond the headline, we have the following figures:
Full Time Employment Change 32.1KÂ s 0.6K in Aug
Part Time Employment Change -17.7K vs -9.3 in Aug
Unemployment Rate 5.4% vs 5.1% in Aug
Participation Rate 65.2% vs 65.0% in in Aug
Participation Rate increasing is a good sign, as it indicates that number of Australians seeking employment is increasing. This is a stark contrast to the state in US, which has lower participation rate helping out significantly in its decrease in Unemployment Rate. It is also good to note that most of the increase in Australian jobs comes from Full Time Employment, showing the willingness of Australian companies hiring for the longer term, believing in a stronger economy to come.
Price rallied understandably and hit a snag around Yesterday’s High and Today’s H3 level. Before the announcement, price was already decently supported by L3 and Resistance line found back on 9th Oct. Currently we have broken above Yesterday’s High and even Today’s H4, showing strong bullish momentum following the news release.
Upward trendline from 9th Oct could also provide some semblance of resistance but if the bullish momentum is strong enough, we should be able to see price rising higher along the trendline or perhaps even break above outright. H3-H4 levels may provide support for any retracement.