Foreword: On Thursday, the Australian dollar/dollar closed barely above 0.7100, once hitting the March high of 0.7149. Changes in employment in Australia (after seasonal adjustment) (February) recorded 4.6K, less than expected 14K, Australia's part-time employment changes (February) recorded 11.9K, Australia's full-time employment changes (February) recorded -7.3 K. Poor employment data did not support the AUD/USD gain. New Zealand's fourth-quarter GDP was weaker than expected, which weighed on the AUD/USD, but the US stock market rebounded to boost the Australian dollar.

On the technical side, the AUD/USD traded at the 0.7100 level and lost momentum, but it is still expected to recover. The 4-hour chart shows that the AUD/USD remains above the 20 and 200 SMA of the convergence, and the 20 SMA maintains a bullish trend. In the 4 hours chart, the technical indicators have been retreating from overbought, close to the mid-line, and the downward trend of the exchange rate has slowed down. The AUD/USD has broken below the 0.7100 mark and the selling has weakened.

In summary, despite the strong commodity prices, Australia's Westpac leading index was flat in February. The Australian job market has been one of the stronger sectors of the domestic economy, with monthly average employment growth of over 30,000 over the past six months. Therefore, any signs of employment activity peaking may be detrimental to the Australian dollar. The upper resistance is 0.7150 and the lower support is 0.7055.