Australian Dollar alongside neighboring nation's New Zealand Dollar have been note-worthily volatile currencies in new year; up more than 0.6% and 0.8% respectively for the day. Australian employment data was released earlier today which appears to have satisfactorily beat analyst expectations.
Australian Economic Data:
Employment Change 13.5k in January vs 10.0k expected and 16.3k in December.
Unemployment Rate 5.7% in January versus 5.8% expected and 5.8% in December.
Full Time Employment Change -44.8k in January versus 11.3k in December.
AUDUSD currency pair is trending higher on the Daily Technical Chart. A lovely completed Bullish Butterfly (XABCD) pattern formation added with consistent high relative strength (RSI) has given AUD an upper hand vs the major. Near-term ascending converging channel was broken upwards by yesterday and today's bullish moves. Looks like the price will soon hit back resistance at 0.77343 and then head straight up-to November 12, highs of 0.77773 before taking a reversal path.
Downside support exists at regular step intervals 0.76 and 0.75 respectively, as seen by dotted horizontals. Given robust data as well as RBA (Reserve Banks of Australia) monitory policy controls, AUDUSD is likely to make controlled moves in coming days and weeks.