• AUD/USD edged higher on Friday as dollar weakened on renewed hostilities broke out between the U.S. and Iran .
• The U.S. and Iran exchanged fire and traded barbs again on Thursday, piling fresh pressure on a fragile month-long ceasefire as Iran reviews Washington's proposal to end the war
• Oil prices rose sharply in early trading, with U.S. crude futures gaining as much as 3%, reflecting stronger buying momentum and heightened market sensitivity to supply and geopolitical developments.
• Rising oil prices have complicated Australia's inflation fight, with the Reserve Bank of Australia raising cash rates to 4.35% this week, among the highest in developed economies.
• Markets now await the monthly U.S. employment report due later in the day to assess how the Federal Reserve will move forward with monetary policy this year.
•Nonfarm payrolls likely increased by 62,000 last month after rebounding by 178,000 in March, a Reuters survey of economists predicted.
• Immediate resistance is located at 0.7242(Higher BB), any close above will push the pair towards 0.7281 (23.6%fib).
• Support is seen at 0.7175(38.2%fib) and break below could take the pair towards 0.7099(50%fib)
Recommendation: Good to buy around 0.7200 with stop loss of 0.7150, and target price of 0.7280
