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Forex: AUD/USD falls to 1.0360/65 on US employment

FXstreet.com (Barcelona) - After such weak report from the March nonfarm payrolls in the US, the greenback looked expensive to investors and the AUD/USD dropped from 1.0436 down to 1.0361 low.

The March NFP came in much lower than the expected 200K, pointing to 88K added jobs. However, the February data was revised higher, from 236K to 268K. US average hourly earnings came in at 0.0% (consensus of 0.2%) and average weekly hours at 34.6 (consensus of 34.5). The unemployment rate in the US dropped unexpectedly from 7.7% to 7.6% in March. The US trade deficit narrowed from $-44.45B to $-43.00B (consensus of $-44.60B).

UBS analysts are bullish: “While the support at 1.0351 holds, the risk is for the resumption of upside. Resistance is at 1.0497 ahead of 1.0599”, wrote analyst Gareth Berry.

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