FXStreet (Mumbai) – AUD/USD accelerates losses and dropped nearly 40-pips during the European session, largely on the back of anticipation of a good show of the US NFP data which boosts the USD bulls while await Aus retail sales data due tomorrow for some respite.
AUD/USD drops from 0.7643
Currently, the AUD/USD pair trades -0.44% lower at a new three-day low of 0.7600, facing rejection at 0.7658 highs. The pair dived deeper in red amid a broadly stronger greenback ahead of US payrolls data, which may cause re-pricing across the Fx space for a Sept rate hike.
The Aussie remains pressured on the back of downbeat Australian trade balance data released early today. Australia’s trade balance came in at -2751M for May, which is below forecasts of -2200M.
Traders await the payrolls numbers for June, which are expected to post 233,000 jobs created, down from 280,000 in May, but still decent growth. The unemployment rate is predicted to tick lower from 5.5% to 5.4%. Moreover, average hourly earnings will be published, with the yearly change expected to stay at 2.3% growth.
Watch the NonFarm Payrolls Live Coverage with Valeria Bednarik and Dale Pinkert
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7658 (Today’s High) levels, above which gains could be extended to 0.7718 (June 29 High) levels. On the flip side, support is seen at 0.7600 (Today’s Low) levels from here it to 0.7588 (June 28 Low) levels.
(Market News Provided by FXstreet)