• Aussie employment details help build on overnight strong up-move.
• Resurgent US bond yields continue to keep a lid on additional gains.
The AUD/USD pair trimmed some of its early gains and has now retreated around 20-pips from 3-day tops touched earlier.
The pair built on overnight strong up-move back above the key 0.75 psychological mark and continued gaining positive traction for the second consecutive session. The up-move was further supported by a beat in the number of new job additions in the Australian economy, which helped offset an uptick in the unemployment rate.
Meanwhile, the prevalent positive trading sentiment around commodity space, which tends to underpin demand for the commodity-linked Australian Dollar, remained supportive of the bid tone surrounding the major.
Later during the early NA session, the second-tier US economic data - the usual weekly initial jobless claims and Philly Fed Manufacturing Survey for May, would now be looked upon for some fresh trading impetus.
Technical levels to watch
The 0.7500 handle now seems to act as an immediate support, which if broken might prompt some fresh selling and drag the pair back towards 0.7470 support area en-route mid-0.7400s. On the upside, momentum beyond mid-0.7500s has the potential to continue lifting the pair further towards reclaiming the 0.7600 handle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.