AUD/USD spikes to fresh multi-week tops beyond 0.7330 on disappointing NFP data

• AUD/USD rose sharply in early American session on Friday.
• US Dollar Index test 94.00 after disappointing September jobs report.
• For second straight month, Nonfarm Payrolls missed analysts' estimate by wide margin.

The AUD/USD pair rose sharply and reached its highest level since September 16 at 0.7338 as the disappointing September jobs report from the US triggered a USD selloff. As of writing, the pair was up 0.12% on the day at 0.7320.

DXY turns south on NFP data

The monthly report published by the US Bureau of Labor Statistics revealed on Friday that Nonfarm Payrolls (NFP) rose by 194,000 in September. This print missed analysts' estimate for an increase of 500,000 by a wide margin. On a positive note, however, the Unemployment Rate declined to 4.8% from 5.2% and August's NFP print got revised higher to 366,000 from 325,000.

The US Dollar Index, which touched a session low of 93.94 is currently losing 0.15% at 94.05.

Commenting on the data, "the Fed's bar for changing its mind is high," noted FXStreet Analyst Yohay Elam. "Despite high chances for the bank to print fewer dollars, there is room for the greenback to fall in the short term. "

NFP Quick Analysis: Three reasons for dollar bears to party, even if tapering remains intact.

Meanwhile, US stocks' reaction to the dismal labour market figures was largely muted. Currently, the S&P Futures are down 0.1% on the day, suggesting that the greenback could find some support if the market mood sours in the second half of the day.

Technical levels to watch for