AUD/USD moving thinly near 0.7150 as traders await Thursday's AU jobs figures

Thin trading for the Aussie, which remains wrapped up under the 0.7150 level.
Despite the USD's recent weakness, the AUD is unable to capitalize meaningfully ahead of Thursday's major employment report.

Joshua Gibson FXStreet

The AUD/USD is trading flatly near 0.7140 after seeing little movement in Tuesday's action, ending the day barely ten pips up from where it started as broader markets keep their eyes locked elsewhere.

Data remains thin for the Aussie, which already saw little to no action on yesterday's Reserve Bank of Australia (RBA) Meeting Minutes and China CPI/PPI figures, and the Antipodean major pair can be expected to continue treading water as US Dollar flows drive the major market themes.

The AUD is drastically under-represented on Wednesday's economic calendar, and the pair will remain exposed to overall swings in risk appetite, though the US FOMC's latest Minutes will be dropping later in the day at 18:00 GMT, which could give Greenback bidders something to trade about.

AUD/USD levels to watch

The AUD/USD is leaning into the bullish camp as flat trading sees the Aussie taking small steps upwards, or rather the Greenback downwards; according to FXStreet's own Valeria Bednarik, "the pair offers a bullish stance in the short term, not far from a fresh 2-week high of 0.7150 reached in the American session. The 4 hours chart for the pair shows that a bullish 20 SMA has been leading the way higher, but also that sellers have capped the intraday advance around a bearish 100 SMA. Technical indicators in the mentioned chart have bounced from their midlines, maintaining upward slides but below their previous weekly highs, indicating buyers are still cautious. (Thursday's employment) data could be a make it or break it for the pair, with a bullish continuation expected on a run through 0.7160, the 61.8% retracement of the latest daily slump."

Support levels: 0.7110 0.7085 0.7040

Resistance levels: 0.7160 0.7195 0.7220

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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