AUD/USD Analysis: at fresh multi-month highs, heading toward 0.7100
|AUD/USD Current Price: 0.7067
- Aussie soared on Wall Street’s U-turn, enthusiasm to persists.
- Australian employment data showed a substantial increase in full-time jobs.
- The dollar sold-off following dovish comments from Fed’s Williams.
The AUD/USD pair is trading in positive ground by the end of the day, with the Aussie finding support in local employment data. Despite the Australian Bureau of Statistics reported just a net 500 jobs were created in June, the fact that full-time positions increased by 21.1K while part-time ones decreased by 20.6K was read as positive by market’s players. The unemployment rate in the same month remained steady at 5.2%. The Aussie remained afloat throughput the day, as market players stayed away from the greenback, soaring to fresh multi-month highs on revived speculation about aggressive rate cuts in the US. After extending its decline, Wall Street trimmed daily losses with the major indexes entering positive ground for the first time in three days. There won’t be relevant macroeconomic releases in Australia this Friday.
AUD/USD short-term technical outlook
The AUD/USD pair is trading at levels last seen at the end of April, bullish in the short term as it accelerated north after spending the day consolidating above all of its moving averages, now far above the 20 SMA which provides a dynamic support around 0.7030. Technical indicators in the mentioned chart have accelerated their advances with the RSI currently at overbought levels. Nevertheless, the pair is set to extend its advance toward the 0.7100 price zone, with the next relevant resistance beyond this last being the 0.7130/40 region.
Support levels: 0.6995 0.6950 0.6915
Resistance levels: 0.7050 0.7095 0.7135
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