AUD/USD – Bulls having a hard time breaching resistance zone

AUD/USD bulls are once again having a tough time breaching the key resistance zone of 0.77-0.7750 despite the release of stellar monthly jobs report in Australia.

Hovers below 0.77

At the time of writing, the pair was trading around 0.7695 levels. Bid tone around Aussie gathered steam after the unemployment rate for July surprisingly dropped, while job gains accelerated more than expected.

The pair clocked a high of 0.7719 before falling back to 0.7695 levels. The 50-pip range of 0.77-0.7750 has acted as a strong resistance at least thrice this month.

AUD/USD Technical Levels

A break above zero figure of 0.77 would open doors for a 0.7760 (Aug 11 high). A violation there on daily closing basis could yield a rally to yearly high of 0.7835. On the lower side, a break below 0.7670 (5-DMA) would shift risk in a favor of a drop 0.7609 (yesterday’s low). A cut below the same would expose 50-DMA seen today at 0.7530.