The Australian dollar claws back losses against a weaker dollar after a mixed bag of US jobs data. The pair saw a strong rebound off the demand zone (0.7650) from the daily chart.
The initial surge above 0.7740 is a sign of commitment from the buy-side. As the short side rushes to cover their positions, we can expect more momentum.
The zone around 0.7730 has turned into a support. After the RSI drops from its overbought condition, a break above 0.7770 could trigger a runaway rally towards 0.7850.
