5 Aug 2015
AUD/USD spikes to near 0.7400 after US ADP, trade balance
FXStreet (Córdoba) - After a corrective move, AUD/USD received a boost and spiked to fresh daily highs at the beginning of the New York session as the greenback weakened on the back of disappointing ADP employment report.
Ahead of the eagerly awaited government employment figures, ADP reported US private sector added only 185K new jobs in July versus 215K expected. A wider than expected US trade deficit contributed to the USD weakness, which fell across the board (-43.8B vs -42.7 exp).
AUD/USD jumped to a daily high of 0.7394, and it was last trading at 0.7383, virtually unchanged on the day.
On Monday, the Aussie strengthened broadly after the RBA removed its reference to a weaker currency needed from the monetary policy statement.
AUD/USD levels to watch
As for technical levels, resistances could be found at 0.7427 (Aug 4 high) and 0.7449 (Jul 21 high), while immediate supports are seen at 0.7333 (Aug 5 low) and 00.7318 (10-day SMA).
Ahead of the eagerly awaited government employment figures, ADP reported US private sector added only 185K new jobs in July versus 215K expected. A wider than expected US trade deficit contributed to the USD weakness, which fell across the board (-43.8B vs -42.7 exp).
AUD/USD jumped to a daily high of 0.7394, and it was last trading at 0.7383, virtually unchanged on the day.
On Monday, the Aussie strengthened broadly after the RBA removed its reference to a weaker currency needed from the monetary policy statement.
AUD/USD levels to watch
As for technical levels, resistances could be found at 0.7427 (Aug 4 high) and 0.7449 (Jul 21 high), while immediate supports are seen at 0.7333 (Aug 5 low) and 00.7318 (10-day SMA).