FX.co ★ AUD/USD

Hello everyone! AUDUSD may rise to the 0.7030 level, then a double top will form on the hourly chart if it reverses. The currency pair will likely fall to the 0.6980 level, the gap zone from last week. The release of the ABS employment report in Australia recorded unemployment at 4.4% with an increase in the number of unemployed by 12.7k. With such data, the Reserve Bank of Australia may abandon its previously promised rate hike, and this weakens the AUD. The currency is also pressured by weak industrial demand in China. On the other hand, the dollar may strengthen in the second half of the day on the back of strong weekly jobless claims data in the US (~208k–210k). The labor market is the main argument in shaping monetary policy, and good data will push up short-term Treasury yields (~3.8%).