AUD/USD finds support at 50-DMA after Aussie trade data

A slightly better-than-expected Aussie trade deficit figure helped restrict losses in the AUD/USD around 50-DMA level of 0.7607.

USD solidly bid on Fed rate hike bets

The American Dollar is on the front foot in Asia after a better-than-expected ISM non-manfuacturing PMI report showed a biggest rise in the employment index since 1997. Moreover, the uupbeat data pushed December Fed rate hike bets above 60%.

Consequently, a batter-than-expected Aussie trade deficit figure failed to lift the demand for the Aussie dollar despite having ensured the losses remain capped around 50-DMA.

The focus today is on the weekly US intial jobless claims and continuing claims release.

AUD/USD Technical Levels

Acceptance below 0.7589 (Sep 30 low) could yield a move lower to 0.7514 (100-DMA), under which a major support is seen at 0.7426 (200-DMA). On the higher side, 10-DMA at 0.7642 could offer resistance which it breached would expose resistance at 0.7691 (Oct 4 high) and 0.7710 (Sep 29 high).