FxWirePro: AUD/USD slumps below cloud and major trendline support, bias bearish

AUD/USD chart - Trading View 

Spot Analysis:

AUD/USD was trading rangebound at 0.7666 at around 07:35 GMT

Previous Week's High/ Low: 

Previous Session's High/ Low: 

Fundamental Overview:

Surge in U.S. dollar after upbeat data overnight weighs down the pair

U.S. ADP private-sector labor market figures jumped by 978,000 in May, far better than expected and Unemployment Claims tumbled below 400,000. 

Further, ISM Services Purchasing Managers' Index beat estimates with 64 points, confirming strength in nation's largest sector.

Technical Analysis:

AUD/USD is consolidating slump below daily cloud and trendline support

Price action hovers around 110-EMA support, MACD and ADX support weakness

Momentum studies are bearish, Stochs and RSI are biased lower

The pair is on a bearish streak for the 4th consecutive week, more downside likely

Major Support and Resistance Levels:

Support - 0.7667 (21W EMA), 0.7619 (38.2% Fib), 0.76

Resistance - 0.7695 (Trendline), 0.7711 (5-DMA), 0.7725 (55-EMA)

Summary: AUD/USD traders remain cautious ahead of key NFP data. Technical bias is bearish. Scope for dip below 0.76 level. Next major bear target lies at 200-DMA at 0.7530.