AUD/USD hovering around 50-DMA, NFP in focus

Extending its rebound for third consecutive from 100-day SMA weekly low support, the AUD/USD pair has now risen to 50-day SMA and testing top end of the weekly trading range.

Currently hovering around 0.7560 region, the pair erased all of its weekly losses recorded during the early part of the week and is now trading marginally higher for the week. Thursday's disappointing release of US ISM manufacturing PMI for August helped the pair to build on to Wednesday's rebound from sub-0.7500 mark. 

However, today's NFP report remains a key determinant for the pair's near-term trajectory as a surprisingly strong headline number would reinforce expectations of an eventual Fed rate-hike action and highly supportive for the greenback. 

Technical levels to watch

Immediate upside resistance is pegged near 0.7580 level (weekly highs), above which the pair seems to easily surpass 0.7600 handle and head towards testing its next major supply zone near 0.7620-30 area.

On the flip side, weakness back below 0.7530-25 immediate support seems to drag the pair back towards 100-day SMA support near 0.7500-0.7495 region, which if broken decisively should accelerate the slide immediately towards 0.7450 before the pair eventually drops below 0.7400 handle towards testing the very important 200-day SMA support near 0.7385 region.