AUD/USD bulls now eyeing a breakthrough 0.7700 handle

   •  Disappointing NFP report fails to provide any boost to the USD.
   •  USD further weighed down by China commerce ministry statement.

The AUSD/USD pair built on its modest recovery move from an intraday low level of 0.7658 and spiked to fresh session tops during the early NA session.

The pair caught some fresh bids following the release of not so impressive US monthly jobs report, showing an addition of only 103K new jobs during March as against 193K expected and 326K previous. 

This coupled with the unemployment rate holding steady at 4.1%, compared to a downtick expected, and mostly in-line average hourly earnings growth exerted some downward pressure on the US Dollar and provided an additional boost.

The greenback was further weighed down by the latest statement by the ministry of commerce (MOFCOM) of the People's Republic of China, which continued fueling concerns of a full-blown US-China trade war. 

Meanwhile, the ongoing retracement in the US Treasury bond yields remained supportive of the bid tone surrounding higher-yielding currencies - like the Aussie and seems to have largely offset bearish copper prices. 

Bulls might now be eyeing for a decisive move back above the 0.7700 handle as the focus now shifts to the Fed Chair Jerome Powell's scheduled speech for some impetus later during the NY trading session. 

Technical levels to watch

Any subsequent up-move is likely to confront immediate resistance near the 0.7725-30 region, above which the pair seems to head towards challenging 0.7750 supply zone. On the flip side, the 0.7660-50 area might continue to act as an immediate support, which if broken might turn the pair vulnerable to extend its downfall towards testing the 0.7600 handle.