• AUD/ USD steadied on Wednesday as traders sold the greenback ahead of expected downward revisions to U.S. jobs data.
• Later on Wednesday, preliminary revisions to U.S. labor data are set to be released, with a significant downward adjustment anticipated. Such a revision could bolster arguments for cutting interest rates.
• AUD/USD is approaching the 23.6% fibonacci retracement level. A close above this level could lead to a significant rally towards 0.6850 level.
• Immediate resistance is located at 0.6745 (23.6%fib), any close above will push the pair towards 0.6783 (Higher BB).
• Support is seen at 0.6711 (Aug 20th low) and break below could take the pair towards 0.6627 (38.2%fib).
Recommendation: Good to buy around 0.6740, with stop loss of 0.6620 and target price of 0.6850
