The Australian Dollar (AUD) rises against the US Dollar (USD) on Thursday, extending its gains for the second consecutive day. Improved employment data from Australia bolsters the AUD/USD pair, with the Unemployment Rate declining to 4.3% in October from 4.5% in September, surpassing market expectations. The Employment Change surged to 42.2K in October, far exceeding the predicted 20K. Australia's Full-Time Employment rose by 55.3K, while Part-Time Employment decreased by 13.1K. The AUD's strength is attributed to cautious sentiment surrounding the Reserve Bank of Australia (RBA) policy outlook. RBA Deputy Governor Andrew Hauser emphasized the restrictive nature of monetary policy, hinting at potential future adjustments. The US Dollar stabilizes post-government shutdown, supported by hawkish Fedspeak reducing the likelihood of a Federal Reserve (Fed) rate cut in December. The AUD/USD pair consolidates within a rectangular range, with potential to breach the upper boundary at 0.6630, targeting a 13-month high of 0.6707. Immediate support lies at the 50-day EMA of 0.6537, followed by the nine-day EMA at 0.6531. The Australian Dollar's performance is influenced by macroeconomic data, with investors favoring safe and growing economies. The RBA's interest rate decisions, quantitative easing, and tightening measures impact the AUD's value. The Australian Dollar's strength is also linked to China's temporary lifting of a ban on dual-use item exports, a significant trading partner for Australia.
