Forex: AUD/USD bounces off 1.04 as Aus jobs data satisfies

FXstreet.com (Barcelona) - The Australian Dollar is having a positive reaction to the latest Aus jobs data report, with October employment up 10,700, while jobless rate came steady at 5.4% vs 5.5% projected. Data lowers chance of RBA cut in December.

The AUDUSD is involved in a battle to maintain prices above the former range +1.04, with the latest release prompting a vigorous bounce off 1.0390 session low to now see the rate lifted up to a new session high of 1.0425. In the upward transition, the H1 shows a sizeable bullish engulfing bar which hints at a possible reversal signal as bears are caught on the wrong foot.

Immediate resistance can be taken at 1.0440 should new highs post release are made. Above this, 1.0480 is likely to be the next target for buyers, in need to clear it up to expose 1.05 round number. On the downside, 1.0390-1.0400 should offer protection.