AUD/USD fails to hold above 0.77

Although the AUD/USD pair was able to trim its daily losses and once again move above 0.77, it failed to preserve its momentum. Markets ignored today's mixed data from the United States as the US Dollar Index continues to move sideways in a limited range.

Macro data

In the week ending March 11, the advance figure for seasonally adjusted initial claims was 241,000, a decrease of 2,000 from the previous week's unrevised level of 243,000. Furthermore, Housing Starts rose by nearly 1.29 million during February while the Philly Fed Manufacturing Index surpassed estimates at 32.8, albeit it dropped from January’s 43.3.

Yesterday, the AUD/USD posted its largest daily gain since July but couldn't extend this move as disappointing Australian jobs report weighed on the Aussie. According to the data released on Thursday, the number of employed people by 6.4K in February and the unemployment rate also leaped to 5.9%

Technical levels to consider

At the moment, the AUD/USD is retreating 0.38% at 0.7680 and facing the first resistance at 0.7720 (Mar. 15 high), ahead of 0.7740 (Feb. 23 high) and 0.7780 (Nov. 8 high). On the downside, the first support is aligned at 0.7620 (20-DMA/50_DMA), followed by 0.7550 (Mar. 15 low) and finally 0.7500 (Psychological level/100-DMA).