AUD/USD clocks fresh 3-month high as job vacancies rose to the highest since 2010

The USD is on the back foot in Asia and to make matters worse for the USD bulls, the Aussie data released today showed the labor market continues to improve. Thus, AUD/USD jumped to a fresh 3-month high of 0.7663 levels. 

Australian job vacancies in three months to May rose 1.5%, compared to an estimated growth of 1.8%. However, the annualised job vacancies rose 11.4%; the highest reading since 2010. 

The upbeat data pushed the Aussie 10-year yield to a five-week high of 2.512%. Its US counterpart continues to trade flat, which explains the uptick in the AUD/USD pair. 

AUD/USD - Bulls in control

Tuesday’s gravestone doji candle followed by a sharp rally on Wednesday and a close above 0.7635 (June 14 high) suggests the bulls are in control and could take the pair higher to resistance of 0.7678 (161.8% Fib ext. of May low - May high - June low), 0.77 levels and possibly to 0.7749 (Mar 21 high). 

On the downside, failure to hold above 0.7635 (June 14 high) would open doors for 0.7577 (Tuesday’s low). A daily close below the same would signal bullish invalidation and open up downside towards 0.7535 (June 22 low).