AUD/USD shrug-off mixed jobs data, spikes to fresh session peak

The AUD/USD pair reversed mixed Australian jobs data-led modest decline to sub-0.75 mark and has now risen to a fresh session peak near 0.7535 level.

Market seems to have digested an unexpected rise in the Australian unemployment rate, which rose to the highest level since January 2016 to 5.8% as compared to previous month's 5.7% and expected. Moreover, a better-than-expected rise in the number of employed people during December also countered the disappointing unemployment rate and attracted some renewed buying interest near the very important 200-day SMA region. 

Meanwhile, positive sentiment surrounding commodity space, especially Copper, also underpinned demand for commodity-linked currencies, including the Australian Dollar, and is collaborating to the pair sharp recovery from session low. 

Next in focus would be US economic docket, while the broader market risk sentiment and a follow through effect of hawkish comments from the Fed Chair Janet Yellen would also contribute towards determining the pair's move on Thursday.

Technical levels to watch

Immediate resistance on the upside is pegged at 0.7545-50 region above which the pair seems more likely to surpass two-month highs resistance near 0.7570 region and aim towards reclaiming 0.7600 handle.

On the downside, 200-day SMA near 0.7500 psychological mark now becomes immediate support and renewed weakness back below this immediate support now seems to accelerate the slide towards 0.7475 horizontal level ahead of 0.7450 support area.