Currency
by ForexNewsNow Team on October 6, 2010

Intraday analysis: AUD/USD climbs ahead of Australia jobs data

intraday analysis - The Australian FlagNEW YORK (Forex News Now) – The Australian dollar climbed against its U.S. counterpart on Wednesday, hitting a fresh 2-year high, as FX traders awaited a key report on Australia’s labor market.

In European afternoon currency market trading, AUD/USD hit 0.9791, the currency pair’s highest since July 22, 2008. AUD/USD later retreated slightly to trade at 0.9766, up 0.49 percent on the day.

On Thursday, the Australian Bureau of Statistics is expected to say Australian employers added 20,200 new jobs in September, after adding 30,900 in August, according to two currency market trading news outlets.

According to intraday analysis, AUD/USD was likely to touch support around Tuesday’s low, 0.9541, and encounter immediate resistance around 0.9849, the high of July 15, 2008.

The Aussie’s gains also came after a disappointing U.S. jobs report.

The payroll processing company ADP said earlier that private U.S. employers shed 39,000 jobs during the month, after adding a revised 10,000 in August. Analysts had expected the data to show an increase of 23,000 new jobs, according to two currency market trading news outlets.

Elsewhere, the Aussie advanced a tad versus the yen: AUD/JPY traded at 80.96, up 0.12 percent, according to intraday analysis.

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