Despite the stronger-than-expected job growth (fastest monthly reading since March 2012), the unemployment rate rose to 6.3%, which is the highest in 12-years. Also, the participation rate edged higher to 64.7% from a 64.6% reading in June. AUD/USD and AUD/NZD Reactions: The AUD/USD rallied immediately after the jobs data, but found resistance at 0.8375. It is basically testing this week’s high, a falling speedline and the 50-period SMA in the 4H chart. The modest jobs growth should not be able to reverse the bearish trend, even though there is upside risk in the short-term to 0.8450 if the USD fades. If AUD/USD ... (full story)