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AUD/USD makes a stretch for 0.7550 following mixed employment data

5/17/2018, 11:42:39 AMMarket Analysis
AUD/USD makes a stretch for 0.7550 following mixed employment data

The AUD/USD is trading on the positive side today, testing just beneath 0.7550 as the US Dollar recedes across the broader market on trade headlines.

Australia jobless rate ticked higher in April, job additions beat estimates

Aussie employment data came out mixed in the Asia session, with the Australian economy adding over twenty-two thousand net jobs over the past month, mostly full-time positions. However, the Australian unemployment rate ticked up to 5.6%, and the Aussie lacked an immediate reaction. The Dollar started fading shortly after the Australian employment release, fueled by trade headlines. China and the US are still spooling up trade talks, but China has started to turn up the heat, ending special exemptions on tariffs on American fruit and pork products.

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