- Big beat on the Aussie jobs report has put a strong bid under the Aussie dollar.
- AUD/USD risks printing eight-day high above the July 16 high of 0.7442.
The bid tone around the Aussie dollar strengthened after the Australian Bureau of Statistics reported a big jump in full-time jobs in June.
At press time, the AUD/USD pair is trading at 0.7430 – up 40 pips after the release of the data, having clocked a session high of 0.7442.
Australian economy added 50.9K jobs in June, bettering the estimated drop to 17K from the previous month’s print of 21K by a big margin.
More importantly, the full-time jobs rose by 41.2 K following a 20.6K drop registered in May. Meanwhile, the jobless rate came in at a seasonally adjusted rate of 5.4 percent expected.
All-in-all, the upbeat employment report adds credence to RBA’s view that the labor market continues to tighten and the next move in the rates will likely be on the higher side. Hence, AUD/USD could soon print eight-day high above 0.7442.
AUD/USD Technical Levels
Resistance: 0.7442 (July 16 high), 0.7480 (50-day MA), 0.75 (Psychological hurdle).
Support: 0.7360 (July 12 low), 0.7343 (previous day’s low), 0.7310 (July 2 slow).
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