AUD/USD looking for the floor ahead of US PMIs

Aussie fails to capture further ground on Dollar selloff, sinks on jobs miss.
US flash PMIs to cap off the AUD/USD's Thursday.

Joshua Gibson FXStreet

The Aussie was unable to capitalize on the Dollar's softness post-FOMC rate hike, and the AUD/USD is sinking ahead of the European session, testing near 0.7750 after reaching an Asia session low of 0.7737.

Dollar dumped, but Aussie dumped harder

A decline sparked in the Aussie following a big miss for Australian employment figures earlier today which saw the AUD/USD decline from a Thursday high of 0.7784.

Little else remains on the Aussie data docket for this week, but the New York session will be seeing US Jobless Claims at 12:30 GMT and the Markit flash Composite PMI at 13:45 GMT. Jobless Claims are expected to come in at 225k, versus the previous 226k, while the Composite PMI is expected at 55.7 versus the previous 55.8. A slight contraction is expected as a cooldown in economic activity was expected for the first quarter of 2018, especially in the face of less-than-stellar wage growth shooting through the American economy.

AUD/USD Levels to consider

The pair is creeping back on a data miss, but the Aussie is still well-supported by Wednesday's move higher, and current support is coming from yesterday's swing high at 0.7708 and the low of 0.7675, with resistance at today's high at 0.7784 and early March's swing highs near 0.7835.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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