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AUD/USD edges higher near 0.7020 after upbeat Aussie jobs data
The gain follows renewed expectations for another RBA rate hike, while oil prices rising on US-Iran tensions support hawkish Fed views.
FXStreet reports AUD/USD is receiving fresh support in the Asian session, trading around the 0.7020 area after an upbeat Australian jobs report increased market expectations for another Reserve Bank of Australia rate hike.
The outlet adds that a modest US dollar softness is helping lift the pair back toward an over one-month high set on Tuesday, even as escalating US-Iran tensions and supply disruption concerns have pushed crude oil to a new high since June 11, raising inflation fears and reinforcing hawkish Fed expectations.
FXStreet notes the pair’s near-term technical picture remains mildly bullish, holding above the 38.2% Fibonacci retracement level from the decline off 0.7200 and the 100-period exponential moving average on the 41-hour chart. The RSI is cited at 59.45, while the MACD histogram is described as flattening just below the zero line.
The article also outlines levels to watch, with initial resistance near 0.7033 at the 50.0% retracement and the next hurdle around 0.7072 at the 61.8% retracement. On the downside, immediate support is seen near 0.6993, followed by 0.6976 at the 100-period EMA, with a deeper pullback exposing 0.6944 and a risk to the broader bullish structure on a slide toward 0.6865.
Latest closeWTI crude $87.52 ▲3.1%