The AUD/USD currency pair, currently trading at 0.64494, is experiencing a period of consolidation after a week of positive performance. This is the first weekly gain in seven weeks and has occurred within a bullish channel that has been present for the past two weeks. The viewpoint of @nehcap is that there is not much potential for the exchange rate to decrease significantly.

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• AUD/USD consolidates the first weekly gain in seven within fortnight-long bullish channel.

The pair currently trades last at 0.64494.

The previous day high was 0.6508 while the previous day low was 0.6461. The daily 38.2% Fib levels comes at 0.649, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6479, expected to provide resistance.

AUD/USD pares the weekly gains as markets brace for US employment data for August on early Friday.

In doing so, the Aussie pair not only portrays the cautious mood ahead of the key data/events but also justifies the bearish MACD signals.

With this, the AUD/USD pair is likely to extend the latest weakness towards paring the first weekly run-up in seven. However, a convergence of the two-week-old rising trend channel’s bottom line joins the previous resistance line from mid-July, close to 0.6440-35, challenges the AUD/USD pair sellers.

In a case where the Aussie pair remains bearish past 0.6435, the 0.6400 round figure and the previous monthly low of around 0.6365 will act as the final defense of the bulls.

On the contrary, the stated channel’s top line restricts immediate recovery of the AUD/USD pair around 0.6540. Following that, the 200-SMA can act as an additional check for the Aussie pair buyers.

It’s worth noting, however, that a downward-sloping resistance line from July 14, close to 0.6610 by the press time, appears crucial to break for the AUD/USD buyers.

To sum up, AUD/USD fade the early-day strength, previously backed by China data and stimulus, as market players await the August month US jobs report.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6467 at the time of writing. Pair opened at 0.6484 and is trading with a change of -0.26% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6471, 50 SMA 0.6611, 100 SMA @ 0.6646 and 200 SMA @ 0.6723.

The previous day high was 0.6508 while the previous day low was 0.6461. The daily 38.2% Fib levels comes at 0.649, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6479, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6461, 0.6438, 0.6414
• Pivot resistance is noted at 0.6508, 0.6531, 0.6555

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