AUD/USD: awaits next catalyst after strong JOLTS leads to a test into the 0.78 handle

 Currently, AUD/USD is trading at 0.7903, down -0.15% on the day, having posted a daily high at 0.7945 and low at 0.7887.

JOLTS for June was a strong number today and that was enough to capture the attention of the dollar bulls and bulls on Wall Street, (making fresh record highs in the benchmark S&P and Dow Jones). Although JOLTS data are delayed by two months, analysts like to pay attention to this metric due to its relationship with wage growth. The DXY thus rallied 93.33 to 93.78, the high, and the Aussie made the lowest level since 25th July, testing out the 0.78 handle again and extending the downside within the heavy-looking consolidation of the 26th July's upside to 0.8065. 

US Dollar jumps to weekly highs above 93.60

For now, that could be all the action left for the US session considering there are no Fed speakers scheduled. We have RBA assistant Kent speaking in early Asia ahead of the Chinese CPI's and Aussie home loans released at the same time later in the shift. However, eyes will stay on commodity prices (specifically metals that are bid today, supportive of AUD) and the performance of the dollar; WTI will be a focus with the weekly API data coming up soon and a positive tone for commodities could help the Aussie to remain on the 0.79 handle and consolidate before tonights data.

AUD/USD levels

AUD/USD remains downside corrective, as noted by analysts at Commerzbank who argued, however, that dips lower should remain well supported by 0.7874/0.7836, the April 2016 high. "While above the uptrend at 0.7748," they added, "we will assume it is capable of further gains longer term. The market is finding support at the 20 day ma at 0.7912. Above 0.8100 targets the 0.8162/66 May 2015 peak and 50% retracement and this is capable of holding the initial test. Above here lies the 0.8295 January 2015 high."