AUD/USD Reversal Tests Multi-Year Resistance Zone Ahead of US Jobs Data

The Australian dollar has reversed off a multi-year resistance zone after an eight-week advance, leaving U.S. jobs data to set the next move in the AUD/USD pair.

Moving through the weekly, daily and four-hour charts, it's clear that the uptrend remains intact as long as the price stays above key support levels.

A series of upcoming economic releases will drive the pair, including Australian second quarter GDP, the ADP private sector employment report, and Friday's nonfarm payrolls.

The Federal Reserve rate expectations have swung sharply after the Jackson Hole Economic Symposium, and the employment data can reset them again.