AUD/USD bears once again challenging 0.80 mark

   •  Surging US bond yields prompt fresh selling.
   •  A sustained break below 0.80 would confirm bearish bias.
   •  The US monthly jobs report to provide fresh directional impetus.

The AUD/USD pair came under some renewed selling pressure on Friday and drifted back closer to previous session's 1-1/2 week lows. 

The pair failed to build on overnight recovery move, led by some renewed US Dollar selling bias, and so far, has held in negative territory for the fifth consecutive session. 

A modest USD uptick, backed by the ongoing upsurge in the US Treasury bond yields on growing market expectations for 3 Fed rate hike moves in 2018, turned out to be one of the key factors driving flows away from higher-yielding currencies - like the Aussie. 

Even today's better-than-expected Aussie PPI print and the prevalent bullish trading sentiment around commodity space, especially copper, which tends to underpin demand for the commodity-linked Australian Dollar, did little to stall the pair's downslide back towards the key 0.800 psychological mark.

It would now be interesting to see if the pair continues finding some buying interest at lower levels or extends its long-unwinding trade as investors start repositioning for the keenly watched US monthly jobs report (NFP), due later during the early NA session. 

Technical levels to watch

A convincing break below 0.7990-85 area is likely to accelerate the fall towards 0.7960 level en-route 0.7935 support. On the upside, any recovery attempts beyond 0.8025 level might continue to confront some fresh supply near mid-0.800s, above which the pair is likely to make a fresh attempt towards reclaiming the 0.8100 handle.