AUD/USD: bulls take a respite sub 0.7650 as risk stalls

AUD/USD is currently bid and remains in the ascending channel from the 0.73 level. 

The jobs data was supportive overnight with the total number of employed people up to the highest level on record at 11.94 million while the unemployment rate edged up by 5.8% with an increase in the participation rate rising by 64.9%. Meanwhile, the dollar is taking a reign-check after a further advance across the board while risk stalls heading towards the US close.

AUD/USD levels

Analysts at Commerzbank explained that the AUD/USD could be on its way to the 78.6% retracement at 0.7688. "This remains the last defence for the .7836/50 recent high and the 38.2% retracement, this is tougher resistance and we look for the market to fail here, if this is reached. The market will need to close below the 55 day ma at 0.7397 to alleviate upside pressure and retarget the 200 day ma at .7314 and .07263, the 2016 support line. But this currently does not look likely."