The Australian Dollar (AUD) inched lower against the US Dollar (USD) on Thursday, decreasing the price of AUDUSD to less than 0.7650 following the US Initial Jobless Claims data. The technical bias shall remain bullish because of a higher high in the ongoing upside rally.

Technical Analysis

As of this writing, the pair is being traded around 0.7637. A support can be noted around 0.7625, a short term horizontal support ahead of 0.7450-0.7475, the confluence of 50% fib level as well as another trendline support area and then 0.7159, the swing low of the last major downside move.

On the upside, a hurdle can be noted near 0.7731, an immediate trendline resistance ahead of 0.7770, another trendline resistance zone as demonstrated with red color in the given above daily chart.  A break and daily closing above the 0.7770 trendline resistance shall incite renewed buying interest, validating a move towards the 0.8000 resistance zone. The technical bias shall remain bullish as long as the 0.7490 support area is intact.

US Initial Jobless Claims

The number of people who filed for unemployment assistance in the U.S. last week rose unexpectedly, official data showed on Thursday.

In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose to a seasonally adjusted 258K, from 243K in the preceding week whose figure was revised up from 241K.

Analysts had expected initial jobless claims to fall to 240K last week.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels appears to be a good strategy in short to medium term.