AUD/USD reverses a knee-jerk spike to 0.7640 on mixed Aus jobs

The Australian dollar stalled its corrective slide and bounced higher versus its American rival following the release of mixed Aus employment report, before meeting fresh supply near 0.7640 region.

AUD/USD finds fresh bids ahead of 5-DMA

Currently, the AUD/USD pair advances +0.17% to 0.7620, quickly retreating from session highs posted at 0.7639 on the jobs release. The Aussie remains well bids, although reverses a spike to daily highs as markets digest somewhat mixed Australian employment report.

The employment change came slightly below expectation at 7.9k vs 10k exp and 17.9k prior, full time jobs saw an increase of 38.4k vs 0 prior, while part time jobs came at -30.5k vs 17.9k last. The participation rate stood at 64.9% vs 64.8%, while the unemployment rate was 5.8 vs 5.7% last.

However, a broadly weaker US dollar along with higher oil prices keeps the sentiment buoyed around the resource-linked Aussie. Looking ahead, the major now awaits a fresh batch of US economic releases due later in the US session, ahead of the Chinese GDP data due Friday.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7653/58 (Jun 24 & Jul 3 High) above which gains could be extended to the next hurdle located at 0.7700 (round number). On the flip side, the immediate support located at 0.7581 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7548 (10-DMA).