AUD/USD hits more than one-week low on US data

The AUD/USD pair fell to 0.7912; the lowest level since July 6, tracking the rise in the treasury yields following the release of the upbeat US labor market data and international trade figures. 

Hovers around 4-hour 100-MA

As of writing, the spot was trading a few pips above 0.7919 [4-hour 100-MA]. The 10-year Treasury yield was up more than 3 basis points and the 2-yr yield was up 2 basis points. 

Earlier today in the Asian session, the upbeat Aussie retail sales data overshadowed the cautious tone of the RBA policy statement and kept AUD/USD bid around 0.7980 levels.

The spot could remain under pressure heading into the weekend as traders looking for a reason to take profits on the USD shorts are likely to do so in response to upbeat US data release. The greenback is extremely oversold against most majors. 

AUD/USD Technical Levels

On the lower side, breach of support at 0.7892 [23.6% Fib R of 0.7328-0.8066] would expose 0.7855 [weekly 5-MA] and 0.7835 [April 2016 high]. Meanwhile, a break above 0.7966 [5-DMA + 10-DMA] would open up upside towards 0.80 [Weekly 200-MA]. An end of the week close above the key MA level could see the Aussie extend the rally to 0.8163 [May 2015 high].