AUD/USD jumps above 200-DMA on the stellar Aussie jobs report

The bid tone around the Aussie dollar strengthened, pushing the AUD/USD well above the 200-DMA level of 0.7554 after the data released in Australia showed a sharp rise in the employment. AUD/USD clocked a session high of 0.7572 levels.

Australia added 60.9K jobs

The Aussie economy added 60,900 jobs in March, which is significantly higher than the expected figure of 20K job additions. The good news does not end there. The full time employment rose 27.1K following a 74.5K rise in February. Meanwhile, the jobless rate and the participation rate held steady at 5.9% and 64.6%, respectively.

The upbeat data helped lift the Aussie 10-year bond yield from the low of 2.459% to 2.48%.

The currency pair has been trading on the front foot this Thursday morning, although the strength was largely due to the broad based USD weakness following Trump’s bearish comments on the greenback.

AUD/USD Technical Levels

A convincing break above 0.7554 (200-DMA) would signal a temporary low has been made at 0.7473. Breach of immediate resistance at 0.7587 (Mar 28 low) could yield a re-test of 0.7609 (Jan 24 high) and 0.7624 (50-DMA).

On the other hand, a breakdown of support at 0.7520 (100-DMA) would open up downside towards 0.75 (zero figure) and 0.7473 (previous day’s low).