Breaking: Aussie June employment beats expectations, AUD whippy in H&S formation

 Australia’s June labour force survey is out as follows:

Aussie jobs outcome

AUSTRALIA JUNE EMPLOYMENT +210.8K S/ADJ (REUTERS POLL: +112.5K)
AUSTRALIA JUNE UNEMPLOYMENT RATE +7.4 PCT, S/ADJ (REUTERS POLL: +7.4)
AUSTRALIA JUNE FULL TIME EMPLOYMENT -38.1K S/ADJ
AUSTRALIA JUNE PARTICIPATION RATE +64.0 PCT, S/ADJ (REUTERS POLL: +63.6 PCT)

AUD/USD outlook

AUD/USD was in the process of forming a head and shoulders before the data on the hourly time frame:

However, the support structure to the left was reinforcing the prospects of a failed reversal pattern.

Looking left on the 4HR, that support is reinforced by multiple tops:

More analysis to come...

Description

The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).