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Forex

AUD/USD Pulls Back from Seven-Week High as Traders Await US Labor Market Data

Guavy AI Editorial Team
Instruments
USD AUD
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The Australian dollar pulled back from its seven-week high against the US dollar as investors took profits and awaited key US labor market data. The AUD/USD pair currently sits above its key moving averages, indicating ongoing positive momentum.

Muted reaction to Australia's June trade surplus contributed to background support for the AUD/USD, while reduced safe-haven demand for the US dollar provided additional backing.

AUD/USD maintains a strong bullish bias with immediate support at $0.705 and an expected range of $0.7033 to $0.7103 in the next sessions.

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