6 Aug 2015
AUD/USD stuck in range near 0.7330
FXStreet (Mumbai) - The Australian dollar continues to trade around a flat line versus the US dollar heading in to the European opening bells, with AUD/USD wavering below the mid-point of 0.73 handle, as markets continue to weigh the latest Australian labour market report.
AUD/USD spikes to 0.7390 on Aus data
Currently, the AUD/USD pair trades -0.37% lower at 0.7329, unable to break above 0.74 barrier. The Aussie erased the initial post-jobs data led gains and now trades in the negative territory, oscillating in a 10-pips narrow range during the last couple of hours.
The AUD/USD pair spiked to 0.7390 highs in a knee-jerk reaction to the upbeat Australian employment change and unemployment rate figures. However, the rally was short-lived as the Aussie ran through fresh offers as traders put the jobs report under scrutiny.
Job growth in Australia far outpaced expectations - rising by 38,500 in July compared with the market forecast of 10,000, with the participation rate jumping from 64.8% to 65.1%. However, unemployment grew by a staggering 40,100 and the jobless rate rose from a revised 6.1% in June to 6.3% last month.
Markets now look forward to US jobs data due later today for further momentum on the Aussie ahead of Friday’s key NFP release.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7400 levels, above which gains could be extended to 0.7429 (Aug 4 High). On the flip side, support is seen at 0.7300 levels from here it to 0.7261 (Aug 4 Low) levels.
AUD/USD spikes to 0.7390 on Aus data
Currently, the AUD/USD pair trades -0.37% lower at 0.7329, unable to break above 0.74 barrier. The Aussie erased the initial post-jobs data led gains and now trades in the negative territory, oscillating in a 10-pips narrow range during the last couple of hours.
The AUD/USD pair spiked to 0.7390 highs in a knee-jerk reaction to the upbeat Australian employment change and unemployment rate figures. However, the rally was short-lived as the Aussie ran through fresh offers as traders put the jobs report under scrutiny.
Job growth in Australia far outpaced expectations - rising by 38,500 in July compared with the market forecast of 10,000, with the participation rate jumping from 64.8% to 65.1%. However, unemployment grew by a staggering 40,100 and the jobless rate rose from a revised 6.1% in June to 6.3% last month.
Markets now look forward to US jobs data due later today for further momentum on the Aussie ahead of Friday’s key NFP release.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7400 levels, above which gains could be extended to 0.7429 (Aug 4 High). On the flip side, support is seen at 0.7300 levels from here it to 0.7261 (Aug 4 Low) levels.