Halister News

(Bloomberg) -- Resistance at 0.7542 may hold even if December job gains exceed 20k, or one standard deviation, Bloomberg strategist Michael Wilson says.

• 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%