6 May 2016
AUD/USD hits fresh 2-month lows, USD weakness short-lived
AUD/USD rose to a session high of 0.7393 after the release of below expectations US nonfarm payrolls report, but quickly resumed the slide as the greenback managed to pare losses.
AUD/USD extended intraday losses and hit a fresh 2-month low of 0.7337, before halting the decline a few pips ahead of the 100-day SMA. At time of writing, the pair is trading at 0.7365, down 1.32% on the day.
The Aussie has been under pressure on Thursday as the RBA, in its quarterly Statement on Monetary Policy, lowered its inflation outlook for 2016 from its previous estimates of 2%-3% to 1%-2%.
Meanwhile, the USD faced only temporarily weakness after NFP data showed US economy added 160K new jobs in April, below the 200K expected, while previous months’ gains were downwardly revised.
AUD/USD levels to watch
As for technical levels, next supports are seen at 0.7331 (100-day SMA), 0.7280 (Mar 3 low) and 0.7259 (200-day SMA). On the other hand, resistances could be found at 0.7477 (May 6 high), 0.7517 (May 4 high) and 0.7562 (50-day SMA).
AUD/USD extended intraday losses and hit a fresh 2-month low of 0.7337, before halting the decline a few pips ahead of the 100-day SMA. At time of writing, the pair is trading at 0.7365, down 1.32% on the day.
The Aussie has been under pressure on Thursday as the RBA, in its quarterly Statement on Monetary Policy, lowered its inflation outlook for 2016 from its previous estimates of 2%-3% to 1%-2%.
Meanwhile, the USD faced only temporarily weakness after NFP data showed US economy added 160K new jobs in April, below the 200K expected, while previous months’ gains were downwardly revised.
AUD/USD levels to watch
As for technical levels, next supports are seen at 0.7331 (100-day SMA), 0.7280 (Mar 3 low) and 0.7259 (200-day SMA). On the other hand, resistances could be found at 0.7477 (May 6 high), 0.7517 (May 4 high) and 0.7562 (50-day SMA).