AUD/USD hovering around 3-week high at 0.7650, focus turns to NFP

Extending its near-term bullish traction, the AUD/USD pair on Friday jumped to a fresh 3-week high and is currently trading around mid-0.7600s.

Earlier during this week, the pair dropped to 100-day SMA important support after RBA announced a rate-cut on expected lines. The pair then managed to recovery quickly and on the last trading day of the week, jumped to a 3-week high level after RBA’s monetary policy statement, released earlier on Friday, failed to provide any clues of further easing. 

Market attention now turns to the very important US monthly employment details (NFP), which is likely to influence investor's perception towards imminent Fed rate-hike decision and help traders to determine the pair's near-term direction.

Technical levels to watch

On the upside, immediate resistance is pegged at 0.7676 (July 15 high) followed by 0.7719 (May 3 high) ahead of 0.7765 (April 27 high). Meanwhile on the downside, weakness below 0.7600 round figure mark support seems to find support at 0.7568 (August 3 low) below which the pair could drop to 0.7529 (August 1 low).