Aussie’s Fibonacci Top May Be Safe From Jobs Data Beat: Analysis
Source: BFW (Bloomberg First Word)
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UUID: 7947283
(Bloomberg) -- Resistance at 0.7542 may hold even if December job gains exceed 20k, or one standard deviation, Bloomberg strategist Michael Wilson says.
Alert: HALISTER1- Level represents 61.8% retracement of decline from 0.7778 on Nov. 8 to 0.7160 low seen on Dec. 23
- 61.8% retracement typically seen as last barrier before a given level has been breached or failed
- Quality of job data set may be further diluted by part-time component and/or decreasing participation rate
- Slow stochastic momentum indicator at 91 shows AUD is overbought
- Leveraged short positioning still well below levels of a year ago, suggesting any unwinding of risk after data is released may be mild
- Australia wage growth slowing due to labor shifting from mining to low-productivity services jobs, Deutsche Bank said in note last week
- Core inflation may already have dropped below RBA’s forecast in Q4, if that happened, RBA Feb. meeting may come back into play
- Employers added net 10k jobs in December vs 39.1k in Nov., according to median est. in Bloomberg survey; range of ests. -21k to +30k; data due at 11:30am local time Thursday
- Unemployment rate seen matching prior at 5.7%
Source: BFW (Bloomberg First Word)
To de-activate this alert, click here
UUID: 7947283