Bids in the dollar sees the pair surrender its gains from the employment report

It was a short-lived run for buyers as the upbeat Aussie employment report saw price jump to a high of 0.7441 but ultimately failed to move any higher with the 23.6 retracement level @ 0.7443 providing resistance. It was an area which also helped to stall the highs seen last week.

The pair has subsequently moved lower and with the dollar accelerating gains on the day in the past hour, price has now moved back below the 100-hour MA (red line) as sellers seize back control of the pair.

Right now, price is trading at the support area from the 50.0 retracement level @ 0.7397 and the 0.7400 handle - where it started the day.

Given the situation, the next direction in the pair hinges on the dollar's movement more than anything else. A move below the support levels above opens up further downside towards the 61.8 retracement level @ 0.7377 next with further support/bids seen @ 0.7350.