AUD/USD clings to gains amidst mixed US data, hovers around the 200-DMA

• AUD/USD is underpinned by solid Aussie GDP data, though the Greenback is staging a recovery.
• Worse than expected US ADP Employment Change report, weighed on US Treasury bond yields, but not the US Dollar.
• If AUD/USD drops below 200-DMA, expect further downside, with bears eyeing 0.6500.

AUD/USD trims losses attained during the previous two days, though it remains at the brisk of extending the downtrend, as the pair struggles to break a key resistance technical level and post gains of more than 0.40%. At the time of writing, the AUD/USD is trading at 0.6579 after hitting a daily low of 0.6546.

US jobs data was mixed, though it undermined the AUD/USD appeal

Wall Street is trading with a positive tone ahead of the release of November’s Nonfarm Payrolls report, in which the economy of the United States (US) is expected to add 180K new jobs to the economy. In the meantime, Automatic Data Processing (ADP) and the Stanford Digital Lab revealed the November US ADP Employment Change report, which witnessed private hiring rise by 103K, below forecasts of 130K employees hired by the private sector, and trailed the previous month’s 106K.

In the meantime, other data revealed the US trade deficit widened in October, more than expected, due to a shrinkage in exports of 1%, while imports witnessed a jump of 0.2%. The Trade Balance came at $-64.3 billion, exceeded forecasts of $-64.2 billion, and trailed September’s $-61.2 billion.

Although the data was weak, the US Dollar Index (DXY), which tracks the buck’s performance against other six currencies, is climbing 0.02%, at 103.98. However, the drop in US Treasury bond yields is a headwind for the AUD/USD.

Aside from this in Wednesday’s Asian session, the Aussie’s Gross Domestic Product (GDP) in the third quarter exceeded forecasts of 1.8% YoY, came at 2.1%, while quarterly figures, missed the estimates. Even though the data was mixed, it underpinned the AUD/USD, which rallied to a daily high three pips shy of the 0.6600, before trimming its gains.

AUD/USD Price Analysis: Technical outlook

The pair is hovering around the 200-day moving average (DMA) at 0.6577, which, once cleared o the upside, could pave the way for further gains. Nevertheless, bears had gained momentum after the AUD/USD clashed with a downslope resistance trendline drawn from the YTD high. Hence, the path of least resistance in the near term is consolidation. But a daily close above the 200-DMA, the pair could rally toward 0.6600 and beyond. Otherwise, expect a drop toward the December 5 low of 0.6544, followed by the 0.6500 mark.