• AUD/USD moved higher on Wednesday as firm oil markets and a slightly weaker greenback lifted the Australian dollar.
• Oil extended its rally into Wednesday, building on sharp gains sparked by geopolitical risks a day earlier.
• The pair have fluctuated over recent days as investors gauge the potential for sustained Middle East tensions to disrupt possible risks to energy supply chains .
• All eyes were on the Federal Reserve decision later on Wednesday as markets anticipated it would hold rates steady in its latest policy decision.
• On the data front , Australia will publish the monthly jobs report on Thursday where expectations are for a gain of 22,500 jobs in May and a steady jobless rate of 4.1%..
• Immediate resistance is located at 0.6554(23.6%fib), any close above will push the pair towards 0.6572(Higher BB).
• Support is seen at 0.6448 (38.2%fib) and break below could take the pair towards 0.6398(LowerBB).
Recommendation: Good to buy around 0.6520 with stop loss of 0.6460 and target price of 0.6600
