AUD/USD Technical Analysis: 50-day SMA grabs market attention ahead of Australian employment data

AUD/USD daily chart

• The AUD/USD pair trades near 0.7130 during early Asian sessions on Thursday.
• The quote struggles around 50-day simple moving average (SMA) figure of 0.7135 ahead of the February month employment data from Australia.
• Should there be a pullback past data release, 0.7100 and 50% Fibonacci retracement of December – January drop at 0.7060 can offer immediate support to the prices.
• Given the pair continue trading southwards under 0.7060, 0.7030, 0.7000 and 0.6980 can entertain sellers.
• Alternatively, pair’s successful trading above 0.7135 enables it to confront 100-day SMA level of 0.7160 and 0.7200 upside barriers.
• However, 200-day SMA and a downward sloping trend-line since early December can restrict further advances around 0.7220/25.

AUD/USD 4-Hour chart

• The H4 chart widens the 0.7200 resistance to 0.7195 – 0.7205 area in order to validate the moves.
• 38.2% Fibonacci retracement of January 31 – March 08 downturn around 0.7115 offers nearby rest.

AUD/USD hourly chart

• 100% Fibonacci expansion of March 08 to 20 moves near 0.7175 can act as an intermediate halt during the pair’s rise beyond 0.7160 towards 0.7200.
• 0.7080 may provide a buffer between 0.7100 and 0.7060.