AUD/USD Strengthens Above 0.6850 After Upbeat Aussie Jobs Data

In a show of resilience, AUD/USD continues to gain ground, surging past the 0.6800 level following the release of positive Australian Unemployment Rate data for June, which dropped to an impressive 3.5%. The robust jobs report, combined with a stronger Yuan and a weaker US Dollar, further bolstered the Australian Dollar's position.

Earlier in the week, AUD/USD faced a slight setback, trading near a weekly low of 0.6749 due to mixed Australian data. The CB Leading Index saw a modest 0.1% increase in June, while May's reading was revised down to -0.3%. On a positive note, the Westpac Leading Index improved to 0.12 in June from the previous month's -0.27%.

Adding to the market's sentiment, concerns over the Chinese economy contributed to the poor performance of Asian shares, impacting demand for AUD/USD.

Looking ahead, all eyes are on the upcoming Australian employment figures. Market forecasts predict the addition of 15K new job positions in June, a decline from the previous 75.9K. The breakdown reveals 61.7K new full-time positions in May and 14.3K part-time jobs. The Unemployment Rate is expected to remain steady at 3.6%, while the Participation Rate is foreseen to stay unchanged at 66.9%.

With positive job data driving AUD/USD's current trajectory, investors eagerly await further economic indicators and US data to gauge the pair's future direction.


TurnAround Point: 0.6800

Our preference

Long positions above 0.6800 with targets at 0.6850 & 0.6870 in extension.