The jobs market has been a plus for the RBA that prefer waiting to see how the economy can bear up in this environment. Australian employment reports were major events in 2015, and today's December report also has the potential to surprise.
The RBA next meet next month and the outcome of this report will be a strong consideration within the meeting, given the recent market volatility.
Key levels to monitor in AUD/USD
AUD/USD's downside momentum had gathered pace overnight and continues to print lower lows in early Asia. The hourly cluster of ma's on the hourly chart is a pivotal point with the bias set either side of 0.6984. On a poor jobs data outcome, the 2016 lows are likely to be blown away at 0.6926 ahead of 0.6907, Sep 2015 lows and lowest levels since April 2009.
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