- AUD/USD has hit session highs above the 200-day MA at 0.7194 in response to big beat on the Aussie jobs figure.
- Australia’s jobless rate ticked higher to 5 percent in March.
- The currency pair needs to clear the 200-day MA hurdle for stronger gains.
The Aussie dollar is pushing higher against the greenback as the Australia Bureau of Statistics data released a few minutes before press time showed the labor market conditions remained strong in March.
Australia’s economy added 25,700 jobs in March, beating the expected print of 12,000 by a big margin. The economy had added 5,000 jobs in February. Despite the job gains, the jobless rate ticked higher to 5 percent from 4.9 percent as expected.
Notably, the full-time jobs surged by 48,300 in March, having dropped by 7,300 in February.
The fresh evidence of sustained labor market strength is boding well for the Aussie dollar. The AUD/USD pair is currently trading at 0.7188, having hit a high of 0.7197 immediately post-jobs data release at 02:00 GMT.
Technically speaking, the currency pair needs to find acceptance above the 200-day moving average (MA), currently at 0.7194. That could invite stronger buying pressure, leading to re-test of year-to-date highs near 0.72. The move above the key average could happen today, as upbeat jobs report will likely weaken RBA easing bets.