FxWirePro: AUD/USD softens further, eyes level 0.7000

• AUD/USD dipped on Wednesday as  Fed rate expectations and  rising US treasury yields kept the US dollar supported.

• All eyes will be on Australia’s labour market data this Thursday, with economists expecting around 15,000 jobs to be added in April and the unemployment rate to remain steady at 4.3%..

•Any downside surprise would heighten concerns about a sharper slowdown, with the RBA already projecting growth to ease to about 1.3% by year-end, as the Middle East conflict adds to uncertainty.

•Swaps imply a 20% probability that the RBA will lift rates again in June, but a move in August is about 75% priced in. Rates are expected to peak at 4.6%, with some risk of reaching 4.85%.

•  Immediate resistance is located at 0.7142 (38.2%fib), any close above will push the pair towards 0.7191(SMA20).

•  Support is seen at 0.7093(Lower BB) and break below could take the pair towards 0.7049(50%fib).

 Recommendation: Good to sell  around 0.7110 with stop loss of 0.7150 and target price of 0.7000