• AUD/ USD steadied on Friday as higher commodities prices and increased risk sentiment supported Australian dollar.
• The Aussie received an additional boost from a positive jobs report, prompting markets to reduce expectations for near-term rate cuts from the Reserve Bank of Australia.
• AUD/USD is approaching the 23.6% fibonacci retracement level. A close above this level could lead to a significant rally towards 0.6850 level.
• Immediate resistance is located at 0.6832 (23.6%fib), any close above will push the pair towards 0.6867 (Higher BB).
• Support is seen at 0.6758 (38.2%fib) and break below could take the pair towards 0.6702(50%fib).
Recommendation: Good to buy around 0.6780, with stop loss of 0.6620 and target price of 0.6850
