AUD/USD sticks to upbeat Aussie jobs data-led strong gains near 5-week tops
| • Strong Aussie jobs report provides an additional boost.
• In-line Chinese macro data remain supportive.
• A renewed uptick in the US bond yields might cap additional gains.
The AUD/USD pair continued gaining positive traction for the fourth consecutive session and jumped to over one-month tops on Thursday.
The pair extended its recent recovery move and got an additional boost from today's stronger-than-expected Aussie jobs data, which showed that the number of employed people rose by 61.6K during November.
Against the backdrop of post-Fed US Dollar slump, solid employment details helped the pair to build on overnight strong up-move beyond the 0.7600 handle.
Meanwhile, the pair had a muted reaction to heavyweight Chinese macro data, which were mostly in line with consensus estimates and remained supportive of the strong bid tone surrounding the China-proxy Australian Dollar.
It would now be interesting to see if bulls are able to maintain their dominant position or the upward trajectory runs out of steam ahead of the very important 200-day SMA amid a goodish pickup in the US Treasury bond yields, which tends to drive flows away from higher-yielding currencies - like the Aussie.
Moving ahead, traders now look forward to the US economic docket, featuring the release of monthly retail sales and the usual initial jobless claims, for some fresh trading impetus.
Technical levels to watch
Any subsequent up-move is likely to confront strong hurdle near the 0.7690 region (200-day SMA), above which a fresh bout of short-covering could lift the pair towards 0.7720-30 supply zone.
On the flip side, the pair now seems to find immediate support near mid-0.7600s, which if broken might prompt a profit-taking slide towards the 0.7600 handle en-route 0.7565-60 strong horizontal support.
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