• AUD/USD strengthened on Tuesday as gains in gold, silver, copper and improving risk appetite supported Australian dollar.
• Gold rose more than 1% on Tuesday as hopes of easing U.S.-Iran tensions reduced inflation concerns and influenced Fed rate expectations.
• Investors are awaiting Australia's June jobs report on Thursday, with employment expected to rise by 15,000 and the unemployment rate forecast to remain at 4.4%.
• A weaker-than-expected jobs report could lead traders to pare back expectations for further policy tightening.
•Technically, momentum indicators continue to strengthen, with the RSI trending higher and the pair reclaiming the descending trend line drawn from the May 13 high, suggesting bullish momentum is building.
• Immediate resistance is located at 0.7066(Higher BB), any close above will push the pair towards 0.7111(38.2%fib).
• Support is seen at 0.6990 (50%fib) and break below could take the pair towards 0.6947(SMA 20).
Recommendation: Good to buy around 0.7000 with stop loss of 0.6930 and target price of 0.7050
