FxWirePro: AUD/USD weakens as US dollar demand picks up ahead of Jobless Claims data

AUD/USD chart - Trading View 

AUD/USD was trading 0.39% lower on the day at 0.6892 at around 08:30 GMT.

The pair was showing some weakness as US dollar demand picks up ahead of Jobless Claims data.

According to a Reuters survey of economists, the US jobless claims count is likely to have fallen below two million last week for the first time in almost three months.

The pair trades with a strong bullish bias. Price action is above cloud and major moving averages.

That said, overbought oscillators raise possibility of pullback. Weekly cloud is also capping upside in the pair.

Price action has formed a 'Spinning Top' on Wednesday's candle, suggesting selling pressure at highs. 

Upbeat data from the U.S. could see further downside in the pair. However, retrace is likely to be shallow.

Major trend in the pair is bullish. Resumption of upside will see gains till 200W MA at 0.7283. Retrace below 200-DMA negates bullish bias.