AUD/USD continues to fluctuate above 0.7300 ahead of Australian employment data

AUD/USD is fluctuating in a relatively narrow range on Wednesday.
US Dollar Index struggles to stage a decisive rebound following earlier decline.
Focus shifts to Australian jobs report for August.

Eren Sengezer FXStreet

After closing in the negative territory on Tuesday, the AUD/USD pair edged lower in the Asian session on Wednesday and touched its weakest level in two weeks at 0.7302. In the second half of the day, the pair reversed its direction and was last seen gaining 0.2% on the day at 0.7332. Nevertheless, the pair looks poised to continue to trade in a tight channel ahead of the August jobs report from Australia.

DXY remains on the back foot

The modest selling pressure surrounding the greenback seems to be allowing AUD/USD to stay in the positive territory during the American trading hours. As of writing, the US Dollar Index (DXY) was down 0.2% on the day at 92.48.

Earlier in the session, the data from the US showed that the NY Empire State Manufacturing Index rose to 34.3 in September from 18.3 in August. Additionally, the US Federal Reserve announced that Industrial Production expanded by 0.5% on a monthly basis in August, compared to the market expectation of 0.4%.

In the meantime, the modest recovery witnessed in the benchmark 10-year US Treasury bond yield and the mixed performance of Wall Street's main indexes help the USD limit its losses for the time being.

The Australian Bureau of Statistics is expected to report that the Unemployment Rate rose to 4.9% in July from 4.6% in June with the Employment Change arriving at -70K. A disappointing labour market report is likely to force AUD/USD to turn south and vice versa.

Australian Employment Preview: AUD to remain under pressure on weak August jobs report.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7329
Today Daily Change	0.0010
Today Daily Change %	0.14
Today daily open	0.7319

Trends
Daily SMA20	0.7313
Daily SMA50	0.7355
Daily SMA100	0.7521
Daily SMA200	0.7608

Levels
Previous Daily High	0.7374
Previous Daily Low	0.7312
Previous Weekly High	0.7469
Previous Weekly Low	0.7345
Previous Monthly High	0.7427
Previous Monthly Low	0.7106
Daily Fibonacci 38.2%	0.7336
Daily Fibonacci 61.8%	0.7351
Daily Pivot Point S1	0.7297
Daily Pivot Point S2	0.7274
Daily Pivot Point S3	0.7235
Daily Pivot Point R1	0.7358
Daily Pivot Point R2	0.7397
Daily Pivot Point R3	0.742

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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