Strong Employment a Boost to the AUD/USD

The AUD/USD had a strong bounce off the 0.7100 level and it appears there might be more upside ahead.

The latest employment data has shown a big beat with 44K new jobs created. The AUD/USD is up around 0.35% on the day to date.

This comes on the back of a rally thanks to some positive trade talk coming by way of the US. Where there was a report that suggested there might be a meeting on the cards to try and work on a deal.

Asian equities are weak at the moment and they are stuck in the red on the session. While the Aussie is fighting back.

Aussie Outlook

The AUD/USD is now at the major level of 0.7200 after we jumped all the way back from the lows around 0.7100.

This level has been holding us down for some time, so I don’t think we’ll see a rip through it at all.

Again, while this jobs report is strong, it is still the USD that is leading the charge here.

ABOUT THE AUTHOR See More

Rowan Crosby

Asia-Pacific Analyst

Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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