• AUD/USD edged higher on Wednesday as traders awaited key labor market data that may influence RBA monetary policy expectations.
• Australia will release its June jobs data on Thursday, with median forecasts pointing to a 20,000 increase in employment following a rare decline in May.
• The unemployment rate is expected to remain steady at 4.1%, where it has hovered for much of the past year.
• The jobless rate has remained tightly range-bound between 3.9% and 4.2% since late 2023, showing unexpected resilience despite broader economic headwinds.
•The Reserve Bank of Australia is treading carefully, favoring a data-dependent policy stance amid signs of stabilizing inflation and persistent labor market strength.
• At GMT 04:43, Australian dollar was trading up 0.14% at 0.6522 against US dollar .
• Immediate resistance is located at 0.6603(38.2%fib), any close above will push the pair towards 0.6640(Higher BB)
• Support is seen at 0.6504(50%fib) and break below could take the pair towards 0.6430(Lower BB).
Recommendation: Good to sell around 0.6530 with stop loss of 0.6600 and target price of 0.6470
