AUD/USD pays no heed to weak Aussie labor market data

‘Australian labor market is losing momentum’, said ANZ following the release of the Australia ANZ job advertisement number (-1.9% m/m in Dec).

Meanwhile, building approvals (actual 7% m/m, expected 4.5%) jumped more than expected in November, data showed. However, the Aussie isn’t impressed by the upbeat housing data and nor hurt by the weak labor market figures.

The AUD/USD pair is largely unaffected by the Aussie data dump and continues to trade around 0.7313 levels. The pair clocked a low of 0.7288 earlier today before jumping above 0.73 handle.

The gains are slightly surprising given the greenback is well bid against other majors on strong US December wage growth numbers. Furthermore, the Australian government warned earlier today that the party for the miners may be over this year.

AUD/USD Technical Levels

A break above the immediate resistance of 0.7311 (50% fib of 0.6827-0.7835) would open the door to 0.7357 (Thursday’s high) and then to 0.74 (zero figure). On the lower side, breach of support at 0.7288 (session low) could yield a sell-off to 0.7273 (Jan 5 low) and 0.72 (zero figure).