AUD/USD targets 0.72 after better than expected labour market data – OCBC

AUD/USD is buoyant amid robust employment figures as the pair gains 0.1% to trade at 0.7168, maintaining its recovery mode from Wednesday’s drop to 0.7110 troughs. Terence Wu, an FX Strategist at OCBC Bank, looks for the 0.72 level.

See: Australian July Unemployment Rate arrives at 7.5% vs. expected 7.8%

Key quotes

“The aussie may be targeting 0.7200 for now, before another attempt at the 0.7240 high. Expect the risk-on sentiment to keep the AUD/USD pair supported.” 

“Downside support at 0.7100 on a multisession horizon.”