• GBP/AUD rose on Wednesday as Australian dollar eased against pound as traders eyed Australian jobs data.
• Markets will eye Thursday’s jobs data, where a 25,000 rise is expected, rebounding sharply from June’s +2,000..
• The unemployment rate is expected to fall to 4.2% from 4.3%, while the participation rate is forecast to remain steady at 67.1%.
• A disappointing jobs report could heighten expectations for additional RBA rate cuts before year-end.
• Technical are bullish, daily RSI is bullish at 55, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0772 (Higher BB), any close above will push the pair towards 2.0928 (50% fib).
• Strong support is seen at 2.0696 (38.2% fib) and break below could take the pair towards 2.0584(SMA 20).
Recommendation: Good to buy on around 2.0730, with stop loss of 2.0650 and target price of 2.0800
