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Australian dollar steadies near 0.7000 ahead of jobs data

AUD/USD held around 0.7000 after dipping toward 0.6985 as the US Dollar Index eased toward 101.1, with traders now focused on Australia’s June labor report.

Reported · Written up by our desk · Major Pairs

AUD/USD traded near 0.7000 on Wednesday, recovering from an intraday pullback to about 0.6985 but still ending the day marginally lower. The move came as the US Dollar Index (DXY) slipped toward 101.10, which helped the Australian dollar regain some ground.

Risk sentiment also stayed cautious as geopolitical tensions rose after US President Donald Trump warned the United States would strike Iranian bridges and power plants if Iran attacks another ship in the Strait of Hormuz. FXStreet noted that the uncertainty could boost safe-haven demand for the dollar, potentially capping upside for AUD/USD, while higher oil and gold prices signaled markets remained on edge.

Investors are now looking to Australia’s June labor market report. Expectations call for employment to rise by 15K, down from May’s 40.3K increase, with the unemployment rate forecast to stay at 4.4% and the participation rate to hold at 66.7%.

Technically, FXStreet said AUD/USD was around 0.6993 on the 4-hour chart, sitting between support near the 100-period SMA at 0.6953 and resistance around the 20-period SMA near 0.6998. The pair was struggling to break above resistance around 0.6998 to 0.6999, while nearby downside levels were cited around 0.6989 and 0.6981, with a potential upside target near 0.7005 if 0.6999 gives way.

Latest closeGold $4,117.00 ▲1.1%|Dollar index 101.12 ▼0.1%

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