AUD/USD consolidates Aussie jobs-led losses, around mid-0.7700s

   •  Fails to build on overnight post-FOMC strong rebound from 3-month lows.
   •  Disappointing Aussie employment details prompt some fresh selling.

After an uptick to a weekly high level of 0.7784, the AUD/USD pair met with some fresh supply and eroded a part of previous session's post-FOMC upsurge.

On Wednesday, the pair rallied over 100-pips from an intraday low level of 0.7672, fresh YTD lows, after the latest FOMC monetary policy update failed to impress the US Dollar bulls. 

The US central bank stuck to its previous guidance of total three rate increases this year and the disappointment was evident from a sharp retracement in the US Treasury bond yields, which eventually benefitted higher-yielding currencies - like the Aussie.

The USD selling remained unabated through the Asian session on Thursday, further weighed by a follow-through weakness in the US bond yields, but was largely negated by an unexpected uptick in the Australian unemployment rate. This coupled with slightly lower than anticipated job additions in February prompted some fresh selling at higher levels. 

It would now be interesting to see if the pair is able to regain any positive traction or Wednesday's up-move turns out to be a dead-cat bounce amid easing USD bearish pressure. Later during the early NA session, the release of initial weekly jobless claims data from the US might provide some short-term trading opportunities. 

Technical levels to watch

Any subsequent weakness is likely to find support near the 0.7725 level and is followed by the 0.7700 handle, which if broken might turn the pair vulnerable to resume with its prior depreciating move. 

On the upside, sustained move back above 0.7765 horizontal level could now assist the pair to make a fresh attempt towards testing the very important 200-day SMA hurdle near the 0.7800 handle.