- Aussie cycles in place following mixed employment report.
- AUD/USD remains stuck in place as economic figures fail to inspire.
The AUD/USD is trading steady through the Asia market session, tossing around near the 0.7500 key level following a mixed employment data dump.
Australian employment figures came out mixed, as has been the trend for most Australian figures as of late. The Australian Unemployment Rate ticked up slightly to 5.6% versus the expected 5.5%, while the Employment Change numbers beat expectations, clocking in at +22.6 thousand jobs added over the past month, compared to the expected 20 thousand.
Australia jobless rate ticked higher in April, job additions beat estimates
Diving further into the numbers, Australia’s part-time employment landscape contracted by -10 thousand positions, while full-time jobs staged a bit of a recovery, adding 32.7 thousand jobs versus the previous -19.9 thousand contraction. The Aussie whipped on reaction to the numbers, but remains trading within the overnight session’s territory just above the 0.7500 major handle.
Little else remains on the Aussie’s data docket for the week, and Aussie bulls will be disappointed at a missed opportunity to drive for a larger technical correction in the pair.
AUD/USD levels to watch
As stated earlier by FXStreet’s own Valeria Bednarik, “the 4 hours chart shows that the pair is currently at its daily highs, struggling with bearish 20 and 100 SMA, and with technical indicators recovering ground with uneven strength, the Momentum still shy, but the RSI firmly up at around 55. The main resistance from here is 0.7565 the 38.2% retracement of its latest decline, with really solid figures required to see the pair breaking above it.”
Support levels: 0.7500 0.7470 0.7435
Resistance levels: 0.7565 0.7590 0.7625
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