AUD/USD surges ahead of Australian jobs data as US Dollar loses footing

Aussie holds steady as markets await Australia’s March employment report.
USD lacks a clear direction amid mixed yields and the Middle East war.
RBA outlook remains cautious, with labor data seen as key for policy expectations.

Agustin Wazne FXStreet

The AUD/USD surged near the 0.7160 price region on Wednesday, as investors positioned ahead of key Australian labor market data and continued to assess the broader US Dollar (USD) backdrop amid mixed United States (US) macro signals.

The Greenback has struggled to extend gains despite lingering safe-haven demand tied to Middle East tensions, with US yields stabilizing and limiting directional conviction. This has allowed the Australian Dollar (AUD) to hold firm.

Attention now shifts to Australia’s March employment report, due later today. Expectations point to a modest labor market expansion, with the economy projected to add around 20K jobs. The Unemployment Rate is expected to hold steady at 4.3%, while the Participation Rate, at 66.9%, will also be closely watched for signs of labor market resilience.

Short-term technical analysis:

In the four-hour chart, AUD/USD trades at 0.7167, holding a bullish near-term bias as price consolidates above both the 20-period Simple Moving Average (SMA) at 0.7102 and the longer-term 100-period SMA at 0.6974. The cluster of nearby horizontal levels at 0.7159, 0.7139, and 0.7133 reinforces underlying demand, though the Relative Strength Index (14), hovering in overbought territory near 73, suggests upside momentum is stretched and vulnerable to a corrective pause.

On the topside, immediate resistance is located at 0.7169, where initial supply is capping further gains for now. On the downside, first support is at 0.7159, with additional layers of demand at 0.7139 and 0.7133; a deeper pullback would bring the 20-period SMA at 0.7102 into view, ahead of the more distant 100-period SMA support near 0.6974.

(The technical analysis of this story was written with the help of an AI tool.)

Author

Agustin Wazne

FXStreet

Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.

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