14.04.201609:05 Forex Analysis & Reviews: Global macro overview for 14/04/2016

Global macro overview for 14/04/2016:

The Australian job market data was released overnight. It turned out that the jobless rate is the lowest since October 2013. Market participants expected unemployment rate to increase from 5.8% to 5.9%, but instead the rate decreased to 5.7%. Moreover, the employment change data posted solid gains as well. The market expected +18.6K jobs, but the number revealed was at the level of 26.1K, the biggest one-off increase in 2016. In conclusion, it looks like the record-low interest rates are boosting the employment in Australia as the labor market is getting stronger and stronger. Thus, the Reserve Bank of Australia is unlikely to ease policy in the near-term.

Let's now take a look at the EUR/AUD technical picture in the daily time frame. We can see the market broke down from the rising wedge formations. Bears seems to be in control over this market now. If the level of 1.4670 is clearly violated, then the next support is at the level of 1.4471. Only a sustained break out back above the rising wedge top at the level of 1.5208 would put bulls back into control over this market, but it seems highly unlikely.