Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair rallied through the critical 0.7700 in the US afternoon, fueled by a sharp recovery in commodities, with oil up roughly 2.5% after the release of US inventories data, and spot gold trading at its highest in two weeks.
"The pair traded as high as 0.7729, level last seen early September, holding nearby ahead of the Australian monthly jobs report. Employment Change fell in August, down by 3.9K, below market's expectations of 15.2K. The market is now expecting 15.2 new jobs to be added in September, whilst the unemployment rate is expected to tick higher, to 5.7% from previous 5.6%. Should the data beat expectations, the pair may well rally up to the 0.7770 region a strong static resistance, while beyond this last, the market will be eyeing 0.7834, this year high."
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