AUD/USD couldn't quite make it to 0.78 ahead of the Aussie jobs report

• The Aussie whipped through Wednesday to set new both new a new high and low for the week.
• Aussie employment figures for early Thursday promise an AUD-shakeup.

The AUD/USD is trading near Wednesday's highs, testing around 0.7780 heading into a hectic Thursday session.

Antipodeans in focus ahead of key data

The Aussie sunk and then popped in Wednesday's action, hitting a new low for the week of 0.7745 before reversing direction and touching into 0.7797 before settling back slightly heading into the overnight session. The surge in action formed an engulfing bar on the day, and the Aussie heads into a news-dense Thursday session with Aussie employment on the cards.

The Australian Jobs Report drops at 01:30 GMT, and the Australian Unemployment Rate is expected to drop from 5.6 percent to 5.5, while Australia is forecast to add 21 thousand new jobs, an uptick from the previous 17.5 thousand. At the same time but of minor note will be the National Australia Bank's Business Confidence quarterly survey, which recently fell from 7 to 6.

AUD/USD analysis: at weekly highs ahead of key employment data

As noted by FXStreet's Chief Analyst, Valeria Bednarik regarding the Aussie's performance on Wednesday, "AUD/USD pair posted a sharp u-turn in the US session and jumped to its highest in almost a week, flirting the 0.7800 to settle a few pips below it, amid dollar's weakness and persistent commodities' strength. Oil prices reach fresh 2018 highs, while gold and in general base metals, surge to fresh weekly highs, all of which tends to benefit the Aussie. Furthermore, equities maintained the positive tone, despite the rallies were far more moderated this Wednesday."

AUD/USD Levels to watch

Valeria further clarified the AUD's technical outlook heading into Thursday's data session, stating that, "the unemployment rate is expected to have decreased to 5.5% in March, while the economy is expected to report 21.0K new jobs added in the month. The market will be closely watching the full-time employment change, which has posted a large 64.9K increase in February. A better-than-expected report will probably be enough to send the pair beyond the 0.7820 level, a major Fibonacci support, with sustained gains above it favoring a continued rally for the following sessions. Short-term technical readings present a neutral-to-bullish stance, as the pair is holding above directionless moving averages, while technical indicators pulled back down to their mid-lines."

Support levels: 07740 0.7700 0.7765

Resistance levels: 0.7820 0.7850 0.7885