AUDUSD consolidates gains below 0.7200 as the US dollar catches a fresh bid-wave across its main competitors. Looking ahead for fresh trading impetus, what is the pair focused on?
13 September, OctaFX – The AUDUSD pair keeps the bid intact amid upbeat Australian fundamentals, however, moves away from the 0.72 handle as the US dollar catches a fresh bid-wave across its main competitors.
AUDUSD Consolidates Gains Below 0.7200
The AUDUSD pair jumped to fresh four-day highs of 0.7199 after the Australian dollar got a lift from a better-than-expected Australian labor market report. The headline employment change showed +44k job additions versus +15k expected while the jobless rate steadied at 5.3% in August. Solid Australian jobs numbers pushed the Australian yields higher, in turn collaborating to further Aussie strength.
However, the bulls failed to sustain the post-Australian data induced gains, as the US dollar witnessed a fresh bout of buying interest heading into the European session.
AUDUSD: Focus on US CPI and China data dump
The greenback came under pressure against its major rivals in the overnight trades after the WSJ reported that the US is willing to hold a fresh round of trade talks with China.
Looking ahead, the pair will await the US CPI release due at 1230 GMT later on Thursday for fresh trading impetus ahead of the Chinese data dump slated for release tomorrow.
AUDUSD Technical Levels
FXStreet’s Analyst, Omkar Godbole, offered key technical levels for trading the Aussie in the day ahead.
“Resistance: 0.7202 (Aug. 15 low), 0.7238 (Aug. 24 low), 0.7256 (61.8% Fib R of 0.7362/0.7085).
Support: 0.7163 (10-day moving average), 0.7144 (Sep. 5 low), 0.7134 (5-day moving average).”
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