#AUDUSD @ 0.67457 US hiring soars in April: 253K jobs added, smashing the 180K forecast. (Pivot Orderbook analysis)
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- US hiring soars in April: 253K jobs added, smashing the 180K forecast.
- Market rethinks rate cut expectations as Nonfarm Payrolls beat estimates.
- Aussie Dollar remains resilient amid a surprising RBA rate hike earlier this week.
The pair currently trades last at 0.67457.
The previous day high was 0.6706 while the previous day low was 0.664. The daily 38.2% Fib levels comes at 0.6681, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6666, expected to provide support.
The AUD/USD is climbing sharply after a stellar jobs report in the United States (US), which triggered an improvement in market sentiment, as troubled stocks from regional banks rose after the recent turmoil in the US banking system. The AUD/USD is trading at 0.6737, gaining 0.68% after hitting a low of 0.6607.
The latest employment report in the US, the Nonfarm Payrolls, showed that hiring in April exceeded estimates as the economy added 253K above forecasts of 180K, in the aftermath of the US Federal Reserve (Fed) 25 bps rate hike on Wednesday. Following the Fed’s decision, market participants quickly began to price in rate cuts. Nevertheless, today’s market data has traders scrambling, as shown by the short-term interest rate futures dropping as they pare rate cut expectations.
The US jobs report revealed that Average Hourly Earnings rose 0.5% MoM, exceeding 0.3% forecasts, while the Unemployment Rate edged down to 3.4% from 3.5% in March. Once the data is in the rearview mirror, investors expect the Fed to hold rates unchanged for June’s decision.
Must read: Breaking: US Nonfarm Payrolls rise by 253,000 in April vs. 179,000 expected
In the meantime, the US Dollar Index (DXY), a gauge of the buck’s value vs. a basket of six currencies, trim some of its weekly losses and gains 0.02%, at 101.473. The US 10-year Treasury bond yield jumped eight bps, up at 3.439%, offering a cushion to AUD/USD sellers.
Nevertheless, the Aussie Dollar (AUD) is still resilient after a surprising rate hike early in the week. On Friday, the Statement of Monetary Policy (SoMP) revealed by the Reserve Bank of Australia (RBA) highlighted that risks for inflation were tilted on the upside, given low productivity and higher energy bills. RBA officials added that interest rates might have to rise further to curb inflation.
the Fed parade will begin led by St. Louis Fed President James Bullard, Minnesota’s Neil Kashkari, and Fed Governor Lisa Cook.
The AUD/USD is still neutral biased but tilted upwards with the 200-EMA lying at around 0.6788, probing to be solid resistance. Although, the Relative Strength Index (RSI) indicator is aiming up, and buyers must reclaim the April 20 swing high at 0.6771 before challenging the trend-setter 200-day EMA. In that outcome, the AUD/USD should have no problems rallying towards 0.6800, which, once cleared, would open the door towards the February 21 daily high at 0.6919. On the other hand, downside risks lie below the 100-day EMA At 0.6735, followed by the 50-day EMA at 0.6707.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6743 at the time of writing. Pair opened at 0.6693 and is trading with a change of 0.75 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6743 |
| 1 | Today Daily Change | 0.0050 |
| 2 | Today Daily Change % | 0.7500 |
| 3 | Today daily open | 0.6693 |
The pair is trading above its 20 Daily moving average @ 0.6677, above its 50 Daily moving average @ 0.6683 , below its 100 Daily moving average @ 0.6788 and above its 200 Daily moving average @ 0.673
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6677 |
| 1 | Daily SMA50 | 0.6683 |
| 2 | Daily SMA100 | 0.6788 |
| 3 | Daily SMA200 | 0.6730 |
The previous day high was 0.6706 while the previous day low was 0.664. The daily 38.2% Fib levels comes at 0.6681, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6666, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6653, 0.6614, 0.6587
- Pivot resistance is noted at 0.6719, 0.6746, 0.6785
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6706 |
| Previous Daily Low | 0.6640 |
| Previous Weekly High | 0.6706 |
| Previous Weekly Low | 0.6574 |
| Previous Monthly High | 0.6806 |
| Previous Monthly Low | 0.6574 |
| Daily Fibonacci 38.2% | 0.6681 |
| Daily Fibonacci 61.8% | 0.6666 |
| Daily Pivot Point S1 | 0.6653 |
| Daily Pivot Point S2 | 0.6614 |
| Daily Pivot Point S3 | 0.6587 |
| Daily Pivot Point R1 | 0.6719 |
| Daily Pivot Point R2 | 0.6746 |
| Daily Pivot Point R3 | 0.6785 |
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