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AUD/USD stays near 2.5-month high as dollar weakens
AUD/USD is trading around 0.7118, up 0.43% on the day, as the DXY sits near 98.90, its lowest level since May 29.
AUD/USD held near a two-and-a-half-month high on Wednesday, supported by broad weakness in the US dollar, with the pair trading around 0.7118 after reaching an intraday high of 0.7129, according to FXStreet.
The outlet noted the US Dollar Index, which measures the greenback against a basket of six major currencies, was near 98.90, down 0.75% on the day and at its lowest level since May 29, helping keep near-term momentum constructive for AUD/USD.
Technical levels cited by FXStreet point to further upside if price pushes through the 0.7150 to 0.7200 resistance zone, which could lead to a retest of the year’s peak near 0.7270.
FXStreet also flagged upcoming catalysts, including Australia’s employment report due Thursday, where jobs are expected to rise by 15K in July, after a 76.3K gain in June, while the unemployment rate is forecast to remain at 4.4%.
Latest closeDollar index 99.64 ▼0.3%