AUD/USD (current price: 0.7653)
The Australian Dollar is slightly lower today in early trading after yesterday’s bearish reversal, from above the 0.77 level. Australian Employment Change came in at 26,100, which was 7,500 higher than the expected number. The Unemployment Rate also beat expectations as it ticked down by 0.1% to 5.7% in March. The pair failed to rise above 0.77 in recent weeks and it is now probably headed back to 0.75 or even lower, with the flat 200-day MA still at 0.725.
Our assessment: The Aussie remains suspiciously weak despite the recent strength in the most important commodities and the strong employment report. AUD/USD might drift towards the 0.76 level today.
