FXStreet (Mumbai) - The Aussie shaved-off losses from Asia and extends its winning streak in to a fourth day on Thursday as markets continue to cheer upbeat Australian labour market report.
AUD/USD: Upside capped by 0.7100
Currently, the AUD/USD pair trades 0.77% higher at 0.7071, facing rejection at fresh weekly highs at 0.7092. The AUD/USD pair halted its upsurge and now seems consolidating near the upper-side of 0.70 handle as markets await fresh cues from the US employment data due later ahead of US open.
The AUD/USD pair rallied today after better than expected Australian jobs data and Chinese CPI boosted the sentiment around the Australian dollar.
The Australian jobs market saw 17,400 people added to the workforce in August, much more than the initially expected 5,000. What's more, the unemployment rate declined to 6.2% from last month's 6.3%.
In addition to this, Chinese inflation indices came out mixed during the Asian session. Chinese CPI for August year-on-year improved from 1.6% to 2.0%.
The Aussie further received some support from copper prices, which miraculously recovered and soared nearly 10% from September's lows.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7092 (Today’s High) levels, above which gains could be extended to 0.7157 (Sept 1 High) levels. On the flip side, support is seen at 0.7009 (Sept 1 Low) levels from here it to 0.6980 (Sept 2 Low).
For more information, read our latest forex news.
No comments:
Post a Comment