FxWirePro: AUD/USD rangebound below 38.2% Fib, caution ahead of U.S. Non-Farm payrolls

AUD/USD chart on Trading View used for analysis

• AUD/USD is trading in a narrow range, caution ahead of U.S. Non-Farm payrolls data. 
   
• Dovish comments from RBA deputy governor Debelle coupled with softness in commodity markets keeps AUD subdued.
   
• The pair has broken below channel base support and is holding above daily cloud.
   
• Bearish divergence keeps scope for further downside. Break below daily cloud to see dip till 61.8% Fib at 0.7163.
   
• Focus now on U.S. Non-farm payrolls Report later today at 13:30 GMT.
   
• The unemployment rate is predicted to remain at 3.7% and annual average hourly earnings to have increased 3 % last month as in October.
   
• Upbeat data could put a strong bid under the US dollar dragging the pair lower.

Support levels - 0.7231 (55-EMA), 0.7184 (50-DMA), 0.7163 (61.8% Fib)

Resistance levels - 0.7251 (38.2% Fib), 0.7286 (5-DMA), 0.73

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.