AUD/USD: boosted in risk-on, now awaits jobs data

Currently, AUD/USD is trading at 0.7717, up 0.68% on the day, having posted a daily high at 0.7731 and low at 0.7659.

AUD/USD is making fresh highs in a risk-on environment with oil driving demand in markets through to the $52 handle. The Aussie garnered support on the RBA minutes suggesting the Central Bank is likely on-hold albeit concerned about the quality of jobs in the economy available to skilled and educated applicants, making for a highly key jobs report this week for the Aussie economy and currency. The 200 dma at 0.7524 and the 0.7500 level offered the basis for a rally after markets backed the bid from there on the 12th October.

At the same time, China is hanging in there and the Aussie was supported overnight on the release of in-line Chinese GDP Q3. "China's economy grew by 6.7% yoy in Q3 – the same level recorded in both the March and June quarters," noted Gerard Burg | Senior Economist - Asia | Group Economics | National Australia Bank, adding, "This level was in line with market expectations, and remains within Beijing's target range of 6.5% to 7.0%. Booming property sales helped underpinned this growth, and government efforts to cool property speculation may have a negative impact on Q4 GDP growth. Our forecasts are unchanged, at 6.6% in 2016 and 6.5% in 2017 – with risks weighted to the downside next year."

AUD/USD levels

Spot is presently trading at 0.7718, and next resistance can be seen at 0.7728 (Daily Classic R2), 0.7731 (Daily High), 0.7734 (Weekly Classic R2), 0.7764 (Daily Classic R3) and 0.7813 (YTD High). Next support to the downside can be found at 0.7697 (Daily Classic R1), 0.7692 (Monthly High), 0.7692 (Yesterday's High), 0.7682 (Hourly 20 EMA) and 0.7676 (Weekly Classic R1).