AUD/USD gathers momentum despite solid NFP

The upside momentum surrounding the AUD/USD pair has strengthened following the NFP data. Despite the solid job growth, DXY pushed down towards 101.50 area, allowing the AUD/USD to test its 100H-SMA at 0.7555. At the moment, the AUD/USD is up 0.5% at 0.7545.

NFP

According to the report published bu the Labor Department, U.S. employers added jobs at an above-average pace for the second month led by gains in construction and manufacturing. After a 238,000 rise in January, the 235,000 increase in jobs was more than previously estimated. The unemployment rate fell 4.7% while wages grew 2.8% from February 2016

Current Fed view hasn't changed

Although USD seems to be under pressure following the data, market expectations for a rate hike haven't changed. The CME Group FedWatch Tool show the March hike probability at 93% at the moment.

Technicals

The AUD/USD is facing the first resistance at 0.7600 (psychological level/50-DMA), ahead of 0.7630 (20-DMA), and 0.7700 (psychological level/Mar. 1 high). On the downside, the first support is aligned at 0.7515 (Fib. 38.2% of Jan. to late Feb. uptrend) followed by 0.7495 (100-DMA) and finally 0.7450 (Fib. 50%).