FXstreet.com (Barcelona) - The Australian Dollar is on the move, with bears having taken full control once again following poor jobs numbers 'down under'.
In contrast to last month, when the country shocked markets by adding 46,300 persons and reducing the jobless rate to 5.1%, this time around, Feb stats show employment fell by over 15,000 vs +5,000 rise expected, while the unemployment rate got snapped back up to 5.2%.
The Aussie/US Dollar has plunged over 40 pips from 1.0580 session high to just print Asian lows at 1.0531. EUR/AUD has come up to test 1.2470.
Some traders will surely start speculating on the RBA engaging in easier policies after the recent collection of downbeat indicators in Australia, with the most alarming being yesterday's big miss on GDP numbers and today's jobs data; the scenario the RBA finds itself at present suggests it no longer vindicates their firm decision to hold rates for much longer.
Technically, “AUD/USD support is found at the top of the daily ichimoku cloud at 1.0497 and a break below that level could see a test of key support between 1.0400/10 where the 38.2 fibo of the 0.9664/1.0857 move and the 200-day MA are found” comments John Noonan, Head of IFR Markets.
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