AUD/USD tumbles to 0.7600 handle after impressive NFP print

The US Dollar continues to surge on the back of impressive jobs data, with the AUD/USD pair erasing all of its early gains and turn lower sharply to currently trade near session low around 0.7600 mark.

The greenback appreciated sharply across the board after the US Labor Department reported US economy adding 255,000 new jobs in July as compared to 180,000 expected. June stellar reading was also revised upwardly to show job gains of 292,000 from 287,000 reported previously. Meanwhile, the unemployment rate held steady at 4.9% and average hourly earrings rose by 0.3%. 

Second consecutive months of impressive data from US labor markets has now increase the prospects of an eventual Fed rate-hike, later this year and would now continue to extend support for the greenback in foreseeable future.

Technical levels to watch

On a sustained weakness below 0.7600-0.7590 zone, the pair seems to immediately drop to 0.7535 intermediate support before heading back towards its major support near 0.7500-0.7495 region marked by 100-day SMA.

On the flip side, 0.7630 level now seems to act as immediate resistance, above which 0.7675 area remains a key hurdle to conquer. A sustained move above 0.7675 strong resistance would negate any near-term bearish bias and open room for further near-term appreciating move for the pair.