AUD/USD chart - Trading View
AUD/USD is struggling to extend early gains after mixed Aussie employment figures for January amid mixed risk catalysts.
A bigger-than-expected drop in Australia's jobless rate fails to draw stronger bids for as the economy added 29.1K jobs in January versus expectations for 40K additions.
Further, a weaker-than-expected Participation Rate of 66.1% confirmed the RBA’s worries for the job sector.
Market sentiment remains cautious ahead of China’s return after the week-long Lunar New Year holidays.
According to a Reuters report, Pfizer says South African variant could significantly reduce vaccine protection, a potential blow for risk appetite
Technical bias for the pair is bullish. The pair has halted weakness on Wednesday's trade with a Doji formation.
Dips have held support at 200H MA and momentum is with the bulls. Pullbacks are likely to be shallow. Resumption of upside will see test of 88.6% Fib at 0.7836.
On the flipside, retrace below 50-DMA (0.7670) and cloud support will drag prices lower.
