• AUD/USD slipped below the 0.6500 mark on Thursday as escalating middle east conflict weighed on risk sensitive Australian dollar.
• Iran and Israel traded airstrikes for a seventh straight day, as Trump stayed unclear on potential U.S. involvement. Tensions are rising amid fears of regional instability, amplified by the Gaza conflict.
• On the data front, Australia’s labour market remained firm in May, with full-time job growth offsetting an overall employment dip.
• Data from the Australian Bureau of Statistics showed a net loss of 2,500 jobs in May, following a revised surge of 87,600 in April. The data showed figures missed market expectations for a 22,500 gain.
• Australia’s unemployment rate remained steady at 4.1% in May, unchanged for over a year, while the participation rate edged down to 67.0%.Full-time jobs rose 38,700 in May and hours worked rebounding by a solid 1.3%, after a flat April.
• Immediate resistance is located at 0.6549(23.6%fib), any close above will push the pair towards 0.6564(Higher BB).
• Support is seen at 0.6448 (38.2%fib) and break below could take the pair towards 0.6413(LowerBB).
Recommendation: Good to buy around 0.6470 with stop loss of 0.6400 and target price of 0.6560
