AUD/USD trades higher on worst-than-expected NFP

• The nonfarm payroll came below expectations at 164K versus the expected 192K, while wage’s growth also disappointed at 2.6% YoY.
• AUD/USD trades higher on the news, with bulls now eyeing the 0.7550 level.

The AUD/USD is having a boost as the non-farm payroll in April came below expectations at 164K versus 192K forecast by analysts while wages’ growth (average hourly earnings) also disappointed at 2.6% YoY versus 2.7% forecast by analysts. 

The US long bull trade is slowly unwinding as investors are taking profits on worst-than-expected US data. Earlier in the week, the USD was also dumped as the FOMC was not as hawkish as it could have been. 

The AUD/USD bulls are trying to form a bottom close to the 0.7500 level and their objective is to break above the 0.7550 supply level, a break of which might open the gates to higher levels.