• AUD/USD eased slightly on Thursday investors remained reluctant to take on fresh positions ahead of key U.S. labour market data due later this week.
• Traders are now focused on the U.S. weekly initial jobless claims report later on Thursday before attention shifts to Friday's closely watched July non-farm payrolls report, where economists expect payroll growth of around 80,000 jobs.
• The data will be crucial in shaping expectations for the Federal Reserve's next policy move and could drive the next significant move in AUD/USD.
• Australia's trade balance surprised to the upside, posting a A$1.9 billion surplus in June compared with market expectations for a A$1.1 billion deficit. The stronger-than-expected result was driven by a robust 9.6% jump in exports, highlighting resilient external demand and providing an encouraging signal for the domestic economy..
• Immediate resistance is located at 0.7064 (50%fib), any close above will push the pair towards 0.7087(Higher BB).
• Support is seen at 0.6993(SMA20) and break below could take the pair towards 0.6971 SMA20(38.2%fib).
Recommendation: Good to sell around 0.7050, with stop loss of 0.7100 and target price of 0.6950
