AUD/USD Off Highs, Back Near 0.7250

AUD/USD Off Highs, Back Near 0.7250

3 June 2016, 11:19
Roberto Jacobs
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AUD/USD Off Highs, Back Near 0.7250

The Aussie dollar is trading on a firm note today, lifting AUD/USD to the area of session tops near 0.7270.

AUD/USD stronger ahead of Payrolls

The pair has reverted yesterday’s pullback to the 0.7200 neighbourhood, although it is still trading lower than multi-day tops at 0.7300 the figure posted on Wednesday.

AUD has derived support from AIG’s Services gauge, coming in at 51.5 for the month of May vs. April’s 49.7, while a pick up at the lower end of the yield curve and higher prices for Copper are collaborating with the upbeat sentiment as well.

Ahead in the session, the US docket remains poised to set the tone for the pair, with Non-farm Payrolls taking centre stage seconded by Factory Orders and the ISM Non-manufacturing.

AUD/USD levels to watch

At the moment the pair is gaining 0.26% at 0.7255 and a break above 0.7300 (high Jun.1) would aim for 0.7356 (high May 11) and finally 0.7403 (high May 11). On the downside, the immediate support lines up at 0.7142 (low May 24) followed by 0.7105 (low Feb.29) and then 0.7063 (23.6% Fibo of the Jan-Apr up move).

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