AUD/USD pressures 0.7900, as oil, equities ease
- Australian employment data solid in January.
- Dollar higher against commodity-linked currencies as oil falls.
The greenback is under pressure against its European rivals, but higher against commodity-related ones, as crude oil prices retreated almost $2.00 from yesterday's highs, while Wall Street barely remains afloat after a strong start to the day. US Treasury yields are also of their daily peaks, as the 10-year note benchmark now struggles around 2.88% after reaching 2.94% in pre-opening trading.
The AUD/USD pair peaked for the day at 0.7966, backed a solid employment report, as the Australian Bureau of Statistics reported that the economy added 16,000 new jobs in January, while the unemployment rate resulted at 5.5%, from a previous revised 5.6%. A large increase in part-time jobs offset a 49,800 decrease in full-time ones.
The pair bottomed in the current American session at 0.7891, the 38.2% retracement of the January/December rally, now trading a couple of pips above the level. The next resistances from here come at 0.7920 and the mentioned daily high, while below the Fibonacci level, next supports come at 0.7855 and 0.7810.
Author
Valeria Bednarik
FXStreet
Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.
