AUD/USD: Bears targeting 5-DMA post-poor Aus jobs

The AUD/USD pair ended its six-day winning streak and dived sharply into negative territory after the bulls were badly hit by a weaker-than expected Australian jobs data release.

AUD/USD drops from 3-week lows

Currently, the AUD/USD pair drops -0.50% to fresh session lows of 0.7685, having faced rejection once again near 0.7730 region. The Aussie keeps falling as the bears retain control after below estimates Aus jobs data continue to weigh on the market sentiment, while reignited bets for further RBA easing, after the central bank said in its minutes that weaker job growth remains a key concern for the economy.

Moreover, a minor weakness seen behind oil prices combined with a broadly bid US dollar continues to weigh heavily on the major. The US dollar found support across the board after the US final presidential election debate concluded and seemed to point towards a Clinton win.

With the Aus employment data out of the way, attention now turns towards a host of US economic releases due on the cards in the NA session ahead.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7730/34 (3-week highs) above which gains could be extended to the next hurdle located 0.7750 (psychological levels) and 0.7777 (daily R2). On the flip side, the immediate support located at 0.7660 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7626/20 (20 & 10-DMA) and below that at 0.7579 (100-DMA).