AUD/USD Price Forecast: Hits fresh high since June as bulls eye gains beyond 0.7150
The AUD/USD pair regains positive traction following the previous day's dismal Aussie jobs data-led modest fall and climbs to a fresh high since early June during the first half of the European session.
The Australian Dollar (AUD) traded near a fresh high since early June, climbing above 0.7150 during the first half of the European session. This price surge occurred after the previous day's modest decline, which was influenced by unfavorable Australian jobs data. Throughout the session, AUD/USD traded just below the mid-0.7100 range, experiencing a nearly 0.50% increase for the day.
The US Dollar (USD) remained relatively weak, touching a three-month low on Thursday, partly due to reduced expectations of an immediate rate hike from the Federal Reserve (Fed). This scenario supports the AUD/USD pair, as bulls appear unconcerned by geopolitical tensions around the US-Iran conflict in the Strait of Hormuz. The latest technical analysis indicates that the AUD/USD pair has broken above the 61.8% Fibonacci retracement level of the May-June decline, with a Relative Strength Index (14) nearing 67, suggesting persistent momentum.
The Moving Average Convergence Divergence (MACD) reading is also positive, reinforcing the near-term bullish outlook for the AUD/USD pair. However, a decisive move beyond the 78.6% Fibonacci retracement level of 0.7188 would be needed to trigger a broader advance toward higher recovery targets. Should the pair break below the critical cluster formed by the 61.8% retracement (0.7119), 50.0% retracement (0.7070), and the 100-day Simple Moving Average (0.7069), it would likely signal a deeper pullback toward lower levels, including the 38.2% retracement (0.7021) and the 23.6% retracement (0.6961).
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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