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AUD/USD holds near key support as US NFP looms
AUD/USD is finding support around the 38.2% Fibonacci level near 0.7000, but lack of buying interest persists ahead of the US Nonfarm Payrolls release that could shift Fed rate expectations.
FXStreet reports that AUD/USD has stabilized after pulling back from a June 17 peak near 0.7065, finding support around the 38.2% Fibonacci retracement area of the May-June decline.
The newsletter notes that the pair has struggled to attract meaningful buyers as geopolitical uncertainty keeps the safe-haven US dollar supported ahead of US monthly employment data, with US Nonfarm Payrolls expected to provide fresh cues for the Federal Reserve policy path.
FXStreet also points to a technical picture that is cautious for bulls, saying the pair has been unable to extend gains above the 100-day Simple Moving Average and failed near the 50% Fibonacci level, while RSI near 56 indicates only moderately constructive momentum.
On levels, the analysis flags support risks if AUD/USD dips back below 0.7000, with additional potential defense near 0.6966 and the 200-day SMA around 0.6923, while resistance is seen around 0.7052, 0.7074, and 0.7122.