• AUD/USD bounced back from early losses on Thursday, supported by a strong jobs report that mitigated the overall gains of the U.S. dollar.
• Australian employment figures showed an increase of 47,500 jobs in August, significantly surpassing forecasts of a 25,000 gain for the third consecutive month. The unemployment rate remained steady at 4.3%, as anticipated.
• The ongoing strength in hiring indicates a persistently tight labor market, reinforcing the Reserve Bank of Australia's (RBA) argument against the necessity for a rate cut in the near future.
• Technical signals are bullish as RSI is up at 60, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 0.6809(23.6%fib), any close above will push the pair towards 0.6836 (Higher BB).
• Support is seen at 0.6735(38.2%fib) and break below could take the pair towards 0.6678(50%fib).
Recommendation: Good to buy around 0.6780, with stop loss of 0.6710 and target price of 0.6860
