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AUD/USD retreats slightly after ADP employment report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    AUD/USD retreated slightly from highs as the greenback was lifters, but to a very marginal degree, following the release of better-than-expected ADP employment data.

    Data showed US private sector added 214K new jobs in February, above the 190K expected. However, January’s gain was downwardly revised to 193K from 205K previously estimated.

    AUD/USD gave up a few pips after the release, but the 20-hour SMA continues to contain pullbacks now around 0.7210. At time of writing, AUD/USD is trading at 0.7220, still up 0.66% on the day, but off its Asian session peak of 0.7244.

    The Aussie remains among the best performers across the board, underpinned by much-better-than-expected domestic GDP figures. Q4 GDP was up 0.6% QoQ and above-trend at 3% YoY, beating market and RBA estimates.

    AUD/USD levels to watch

    In terms of technical levels, next resistances are seen at 0.7244 (Mar 2 high), 0.7258 (200-day SMA) and 0.7300 (Jan 4 high/psychological level). On the other hand, supports could be faced at 0.7164 (Mar 2 low), 0.7108/02 (Mar 1 low/50-day SMA) and, 0.7068.
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