Forex
Home›Forex›Major Pairs›AUD/USD slips as stronger US dollar outshines Australi…
AUD/USD slips as stronger US dollar outshines Australia jobs data
AUD/USD was last around 0.6966, down 0.45%, with the 50-day SMA near 0.7028 acting as a near-term cap.
AUD/USD edged lower on Thursday as a firmer US dollar offset support from stronger-than-expected Australian employment data, with the pair trading around 0.6966, down 0.45% on the day, according to FXStreet.
FXStreet said the US dollar’s strength is being driven by rising safe-haven demand tied to the Middle East war, along with higher oil prices that could lift inflation concerns and boost expectations for Federal Reserve rate hikes. The outlet cited the CME FedWatch Tool showing an 83.0% chance of a September rate hike.
On the technical side, FXStreet noted AUD/USD was holding above the 21-day and 200-day simple moving averages near 0.6948 and 0.6896, which it said keeps the near-term outlook mildly constructive. However, the 50-day SMA around 0.7028 continues to cap the pair.
The outlet added that the RSI near 47 points to subdued momentum and that a sustained move below the 21-day and 200-day levels could expose the 0.6800 area, with upside resistance cited near 0.7028, then 0.7100 and 0.7250.