Australia’s  Employment Change has rose beyond 35K forecast to 70.7K, versus 88.7K prior and the Unemployment Rate eases below 5.8% previous readouts and 5.7% market consensus to 5.6%.

“The March 2021 labour force survey was another incredibly solid report,” said Gareth Aird, head of Australian economics at CBA. “It supports our non-consensus call that the unemployment rate will end the year at 5.0%.”

“It’s is probably time to stop using the word ‘recovery’ when referring to the state of the Australian economy. The domestic economy is now simply in expansion mode.”

The Reserve Bank of Australia (RBA) has stuck to its super loose monetary policy so far by emphasizing that unemployment will likely have to fall to 4% or lower to get wages and inflation up to desired levels.

The Job report along with the market sentiment and the US dollar weakness has helped the Aussie to be in the uptrend.

Elsewhere, Chief Executive Officer Matt Comyn of Commonwealth Bank of Australia (CBA) CBA.AX said that , the country’s largest lender, expects to grow its $378 billion home loan book by about 5% this year, leading to increased mortgage profit of about 3%.

Comyn also said Strong economic recovery from the COVID-19 pandemic fuelled by the near-zero cost of money, paired with a “miraculous” turnaround in the labour market, will likely push record house prices even higher.

The strong vaccination drive in the developed economies along with  the unlock measures, traders are staying optimistic over the faster economic recovery even though Johnson & Johnson recently spoiled the mood.

AUD/USD 4 Hour Chart:

Support: 0.7658 (S1), 0.7595 (S2), 0.7555 (S3).

Resistance: 0.7762 (R1), 0.7801 (R2), 0.7865 (R3).

All the catalysts gives strength to the Aussie and boosts up the AUD/USD traders. We expect a bullish trend for AUD/USD.