AUD/USD reverses, takes the 0.78 handle post-jobs report
- Aussie dumps and pumps on clean miss for jobs figures.
- AUD/USD heading into the European session stretched thin over a key level.
The Aussie has reversed its direction after earlier's dismal jobs report, and the AUD/USD has crossed over the 0.7800 barrier to trade into 0.7810.
- March employment +4.9k s/adj (Reuters poll: +21.0k)
- February employment revised to -6.3k, from +17.5k
The weaker-than-expected headline figure, drop in the full-time employment and the downward revision of the previous month's jobs number has not gone down well with the investors. The AUD/USD turned lower from 0.78 and fell to a session low of 0.7774.
The Aussie has since recovered and pushed into new highs for the day, but downside pressure remains built-in with little else on the macro calendar for the AUD this week.
AUD/USD Levels to watch
As FXStreet's Omkar Godbole noted earlier, "a break below 0.7772 (5-day moving average) would open up downside towards 0.7749 (10-day MA) and 0.7726 (April 5 high). On the higher side, only a daily close above 0.7795 (100-day MA) would signal a continuation of the rally from 0.7643 (March 29 low) and could yield a rally to 0.79 (psychological level) and 0.7916 (March 14 high)."