FxWirePro: AUD/USD remains buoyant, looks to extend gains

• 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