AUD/USD - Post-jobs data rally stalls at 0.76 levels
- 1-hour 50-MA is proving a tough nut to crack.
- Job growth slowed in October, weak wages keep rate hikes distant.
AUD found takers after the official data in Australia showed the jobless rate in October fell to lowest level since 2013.
AUD/USD pair recovered from the low of 0.7567 after the data release but has failed twice in the last two hours to take out the 1-hour 50-MA level, which currently stands at 0.7607. As of writing, the currency pair is trading around 0.7595; up only 0.10 percent on the day.
The upside is being capped by the soft headline jobs number. Further, the data released yesterday showed the annual wage growth edged up to 2.0 percent in the third quarter, but missed forecasts of 2.2 percent and were only slightly above inflation at 1.8 percent.
Looking ahead - AUD/USD could still topple the 1-hour 50-MA if the US 10-year treasury yield drops below 2.3 percent.
AUD/USD Technical Levels
The 1-hour 50-MA has shed bearish bias (bottoming out), thus a break above 0.7607 (1-hour 50-MA) would open doors for 0.7630 (1-hour 100-MA) and 0.7648 (1-hour 200-MA). On the downside, breach of support at 0.7567 (session low) would expose 0.7539 (weekly 100-MA) and 0.75 (zero levels).