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AUD/USD slips but downside seen limited before key US and China data
The pair is trading just below 0.7050, with traders watching for price acceptance above 0.7070 ahead of US nonfarm payrolls.
AUD/USD edged lower in the Asian session and pulled back from the highest level since June 17, with spot prices trading just below 0.7050, according to FXStreet.
FXStreet linked near-term caution to a firmer US dollar, which has ended a two-day losing streak, with market participants also waiting for developments tied to the Middle East, including a potential US-Iran deal and the reopening of the Strait of Hormuz.
Further direction for the pair is expected around upcoming catalysts, including China’s trade balance data and Friday’s US nonfarm payrolls report, as FXStreet said any meaningful decline could be constrained.
On the technical side, FXStreet noted the pair failed to build on a move above the 100-day simple moving average and sits below the 50% Fibonacci retracement of the May-June decline, while momentum indicators remain modestly positive, with support levels cited at 0.7020, 0.6958, and near the 200-day SMA around 0.6920.