Chart: WorldWideMarkets Alpha Trader
The Australian dollar rallied to 0.7780 from 0.7710 sharply after the release of the better than expected March Employment data (0130 GMT) in the prior Asian session. The aussie remained firm throughout the European session to the first half of the New York session to edge closer to the short term resistance level of 0.7800 against the lower dollar on the intraday 5 minute chart.
Australia's March Employment rose +37,700 versus the median forecast of +15,000. The Unemployment Rate fell to 6.1% versus the forecast of 6.3%. Full Time Employment was +31,500. The Labor Participation Rate rose to 64.8% versus the forecast of +64.6%.
Although the March employment data shows a healthier picture following the past two months of revisions and the gradual decline in the unemployment rate, it may be too early to suggest a beginning of a downward trend, given Australia's growth outcome are expected to remain below trend. However, the data is no less encouraging and raised speculation that RBA may refrain from further easing of interest rates at their next monetary policy meeting in May.
Near-Term Resistance: 0.7780, 0.7800, 0.7840, 0.7880
14-Day Moving Average Support: 0.7680, 0.7625, 0.7590