Australian Employment figures were lower last night December 7th 2011 at 19:30 EST.
Net Employment Change -6.3k versus 10.0k expected, prior month revised from 10.1k to 16.8k
Unemployment Rate 5.3% versus 5.2% expected
Full Time Employment Change -39.9k versus +20.0k last month, prior month revised from +20.0k to +26.2k
Part Time Employment Change +33.6k versus -9.9k last month, prior month revised from -9.9k to -9.5k
Australian Data is usually transmitting first by phone to the major data providers then shot thru the wires around the world, so it can come down in bits and pieces and often the move can happen before all the data has come thru. Alot of times the full move occurs all in the initial blip and can run sidewise for 1-2 hours after, sometimes then forming a trend thru the rest of the session.
Last night however it reversed off the 50% retracement of the late July high of 1.1080 to the early October low of 0.9385...this 50% retracement sits at 1.0234 and has been an important pivot in recent price action.
Here is the 5sec chart, there were new lows being made 10 minutes after the report, so there were chances to take a few short scalps if catching the spike was impossible due to the late data.
This 5 minute chart shows the 1.0235 low where that 50% fib was and created the bottom which the aussie reversed off.
Thursday, December 08, 2011
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