AUD/USD erases Thursday’s gains, back below 0.7650

The AUD/USD pair came under renewed selling pressure on Friday, reversing all of its Thursday's strong jobs report led gains to currently trade around 0.7640 region.

Yesterday's strength turned out to be short-lived and despite of a well-offered tone around the greenback, the pair once again failed to sustain its move above 0.7700 handle. The pair's repeated rejection at higher levels points to the onset of a near-term corrective move. 

An empty economic docket on Friday is unlikely to provide any fresh fundamental trigger and hence, any recovery in the greenback is likely to intensify selling pressure surrounding the major. 

Technical levels to watch

The pair is sustaining its weakness below 0.7650 level and hence, remains vulnerable to head back towards Wednesday's low support near 0.7600 handle. A decisive break below 0.7600 level would continue exerting selling pressure, which might drag the pair towards retesting its next major support near 0.7500 psychological mark.

On the flip side, any recovery momentum now seems to confront resistance near 0.7700 handle, which if cleared decisively should now boost the pair back towards recent swing high resistance near 0.7750 region before a fresh leg of up-move lifts the pair towards April high resistance near 0.7800 handle.