AUD/USD: Waiting for the next catalyst as 0.7840 resistance holds

• NFP better than expected at 313k vs 200k but average earnings came in lower.
• AUD/USD trading rangebound in the triangle pattern.

The AUD/USD is trading around 0.7824 up 0.43% on Friday so far. The Aussie is well supported as the US average earnings disappointed the market coming at 2.6 vs 2.8 expected y/y. The NFP smashed all expectations coming in at 313k vs 200k. However, with the average hourly earnings coming in below expectation the market was hesitant as to whether to buy more US dollar. The US index is trading lower at 90.14 after a failed breakout at 90.36. 

Coming up next in the US is the Federal Reserve Bank of Boston President Rosengren Speech at 17.40 GMT. Followed by Fed's Evans Speech at 17.45 GMT

In Australia, next Monday is Labour day. Next Tuesday will see RBA Assistant Governor Kent Speech at 22.10 GMT

AUD/USD daily chart

Technically the Aussie is configured for an imminent breakout. The bulls need to overcome the 0.7840 which is an important demand/supply zone and probably the last bastion for bears. If and when the 0.7840 level is broken up along with the descending trendline, the big triangle pattern that has been shaping since January 2018 should enter into effect and a new bull leg should start to materialize. On the other hand, continued failure at the 0.7840 level will likely lead to a retest of the range seen at 0.7780 with the 100 DMA, followed by 0.7710 cyclical low. The daily RSI is constructive signaling bullish divergence.