AUD/USD prints session high above 200-day MA as Aussie full time jobs surge
- AUD/USD has hit session highs above the 200-day MA at 0.7194 in response to big beat on the Aussie jobs figure.
- Australia’s jobless rate ticked higher to 5 percent in March.
- The currency pair needs to clear the 200-day MA hurdle for stronger gains.
The Aussie dollar is pushing higher against the greenback as the Australia Bureau of Statistics data released a few minutes before press time showed the labor market conditions remained strong in March.
Australia’s economy added 25,700 jobs in March, beating the expected print of 12,000 by a big margin. The economy had added 5,000 jobs in February. Despite the job gains, the jobless rate ticked higher to 5 percent from 4.9 percent as expected.
Notably, the full-time jobs surged by 48,300 in March, having dropped by 7,300 in February.
The fresh evidence of sustained labor market strength is boding well for the Aussie dollar. The AUD/USD pair is currently trading at 0.7188, having hit a high of 0.7197 immediately post-jobs data release at 02:00 GMT.
Technically speaking, the currency pair needs to find acceptance above the 200-day moving average (MA), currently at 0.7194. That could invite stronger buying pressure, leading to re-test of year-to-date highs near 0.72. The move above the key average could happen today, as upbeat jobs report will likely weaken RBA easing bets.
Technical Levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
