AUD/USD keeps the red below 0.7400 on RBA’s Kent

The AUD/USD pair reversed Aus jobs data-induced spike to daily tops and now trades in the red below key support of 0.7400 level, as RBA’s Kent comments on the AUD level weigh.

AUD/USD recovers from 0.7384 lows

Currently, the AUD/USD pair trades -0.16% lower at 0.7396, bouncing-off session lows struck at 0.7384 earlier on the day. The Aussie traded quite volatile so far this session, initially spiking higher in a knee-jerk reaction to the Australian jobs report and later on giving all the gains to trade in the negative territory, as investors digest RBA assistant governor Kent’s comments, citing low AUD helping economy rebalancing.

Calendar-wise, the Australian jobs report was published, with the headline employment change standing at +17.9k vs 15k exp and 10.8k prior, with full time job creation flat at 0, while part time jobs came at 17.9k. However, the participation rate fell short of expectations and decreased to 64.8%, while the unemployment rate steadied at 5.7%.

Further, a renewed sell-off in the Aussie can be also attributed to the weakness in the copper and oil prices as risk-off moods extend following a cautious outlook noted by the Fed last NY session.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7439/46 (daily high/ June 15 high) above which gains could be extended to the next hurdle located at 0.7500 (round number). On the flip side, the immediate support located at 0.7350 (round number/ daily S1). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7323 (20-DMA).