AUD/USD: Australian dollar soared on dollar's slump

AUD soared on broad weakness in USD after muted retail sales.
Higher commodities are also helping AUD today.
Focus now on AU job report.

AUD/USD is now trading around 0.7910, in the New York session, after soaring by almost 0.65% on a plunge in greenback amid muted retail sales and subsequent GDP downgrade. AUD is also being helped by upbeat commodities prices, on a lower USD.

Although, US CPI today print was upbeat, retail sales came subdued. As a result, Atlanta Fed has lowered their Q1 GDP projections to 3.2% from 4% earlier, on weak consumer spending or private consumptions.

Apart from Atlanta Fed, several other investment banks such as Morgan Stanley, JP Morgan, BAML, Barclays had lowered their GDP projections to around 2.5% from around 3% before.

AUD is also being boosted by prospects of a blockbuster AU job report tomorrow with an estimate of 15.3k against 34.7k prior. Full time employment and wage growth may be also in focus.

Technical View:

Price action suggests that AUDUSD now has good support around 0.7750 and sustaining above 0.7947, it may further rally towards 0.7991-0.8055 and 0.8083-0.8136.

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