AUD/USD: headed to 0.7450?

AUD/USD has started to back off from the highs in early Asia having met the 100 sma on the 1hr chart and is now testing back to the 20 sma at 0.7356.

AUD/USD has been on the re-bound off the 0.7285 lows and rallied to 0.7279 highs as market volatility continues to pick up, with the pair tracking stocks as uncertainty drives risk aversion to safer havens compromising the Aussie's attempts of the recovery from the highs of 0.7489 met on the 8th June. 

The mixed employment report for the month of May didn't help the bulls case, despite Job's creation rising by 17.9K with the unemployment rate holding steady at 5.7% and the participation rate remaining at 64.8. The problem, however, with the jobs creation, is much like America, it was full of part-time jobs.

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that the 4 hours chart shows that, "The price is unable to establish above a flat 200 EMA and a bearish 20 SMA, both a few pips above the current price, whilst the technical indicators have turned modestly lower around their mid-lines, with no certain directional momentum at the time being. 

Given the flip in market's sentiment, Asian equities may recover some ground during the upcoming hours, favoring a recovery in the AUD/USD pair up to the 0.7450 level, the 38.2% retracement of this year's rally."