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12 Mar 2015
AUD/USD slips below 0.7600, shrugs of upbeat OZ data
FXStreet (Mumbai) - AUD/USD erased previous gains and dropped below 0.76 barrier in the Asian session, as traders completely ignored better than forecasts Australian labour market report.
AUD/USD uninspired by above estimates jobs data
Currently, the AUD/USD trades lower by -0.22% at 0.7580 levels, heading towards fresh six year lows reached at 0.7558 levels in the previous session. The Aussie slipped from 0.7626 levels post the jobs data release as markets were left unimpressed by the cheerful employment data. Traders remained wary whether further stimulus measures would be required as the weak Australian economic outlook paints a grim picture for labor demand.
Australia's job market improved slightly in February, with net job growth turning positive and unemployment dropping. Unemployment unexpectedly slipped to 6.3% in February, from a 12-year high of 6.4% in Jan. The economy added a net 15,600 jobs in February as expected, partly reversing January's 12,200 net job loss.
Also, a broadly stronger US dollar continues to weigh on the Aussie, dragging AUD/USD lower. In the day ahead, the greenback is likely to be the main driver for the pair before release of important US macro data.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7626 (Today’s High) levels, above which gains could be extended to 0.7645 levels. On the flip side, support is seen at 0.7558 (March 10 Low) levels from here it to 0.7500 (2009) levels.
AUD/USD uninspired by above estimates jobs data
Currently, the AUD/USD trades lower by -0.22% at 0.7580 levels, heading towards fresh six year lows reached at 0.7558 levels in the previous session. The Aussie slipped from 0.7626 levels post the jobs data release as markets were left unimpressed by the cheerful employment data. Traders remained wary whether further stimulus measures would be required as the weak Australian economic outlook paints a grim picture for labor demand.
Australia's job market improved slightly in February, with net job growth turning positive and unemployment dropping. Unemployment unexpectedly slipped to 6.3% in February, from a 12-year high of 6.4% in Jan. The economy added a net 15,600 jobs in February as expected, partly reversing January's 12,200 net job loss.
Also, a broadly stronger US dollar continues to weigh on the Aussie, dragging AUD/USD lower. In the day ahead, the greenback is likely to be the main driver for the pair before release of important US macro data.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7626 (Today’s High) levels, above which gains could be extended to 0.7645 levels. On the flip side, support is seen at 0.7558 (March 10 Low) levels from here it to 0.7500 (2009) levels.