9 Jul 2015
AUD/USD extends rally towards 0.7500
FXStreet (Mumbai) - The Australian dollar continues to hammer its American counterpart in the European morning, with AUD/USD inching closer towards 0.75 handle. Strong Australia’s employment report coupled with rising Chinese price pressures boosted the AUD bulls, lifting the Aussie from multi-year trough.
AUD/USD firmer above 0.74 handle
Currently, the AUD/USD pair trades 0.70% at 0.7480, having printed fresh session highs at 0.7491. The pair reversed heavy losses seen yesterday and swung sharply higher this session following upbeat domestic jobs data and China CPI figures.
While Australian employment change for June came at 7.3k versus -5k expected and 42k last. The jobless rate was flat at 6% versus 6.1% estimates. The National Bureau of Statistics of China said that Chinese CPI rose to an annual rate of 1.4%, in June from 1.2% in May.
Moreover, recovery in oil and gold prices paired with stabilizing Chinese equities also supported the upside in the resource-linked Aussie.
Looking ahead, the North American session offers weekly jobless claims from the US will be report ahead of the US open. FOMC Member Brainard is due to speak in Washington.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7500 levels, above which gains could be extended to 0.7537 (July 6 High) levels. On the flip side, support is seen at 0.7393 (Today’s Low) levels from here it to 0.7368 (July 8 Low) levels.
AUD/USD firmer above 0.74 handle
Currently, the AUD/USD pair trades 0.70% at 0.7480, having printed fresh session highs at 0.7491. The pair reversed heavy losses seen yesterday and swung sharply higher this session following upbeat domestic jobs data and China CPI figures.
While Australian employment change for June came at 7.3k versus -5k expected and 42k last. The jobless rate was flat at 6% versus 6.1% estimates. The National Bureau of Statistics of China said that Chinese CPI rose to an annual rate of 1.4%, in June from 1.2% in May.
Moreover, recovery in oil and gold prices paired with stabilizing Chinese equities also supported the upside in the resource-linked Aussie.
Looking ahead, the North American session offers weekly jobless claims from the US will be report ahead of the US open. FOMC Member Brainard is due to speak in Washington.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7500 levels, above which gains could be extended to 0.7537 (July 6 High) levels. On the flip side, support is seen at 0.7393 (Today’s Low) levels from here it to 0.7368 (July 8 Low) levels.