AUD/USD Soars as Aussie Jobs Data Lifts Rate Hike Bets

The AUD/USD pair has seen significant gains following the release of upbeat Australian jobs data and a weaker US dollar. The Reserve Bank of Australia's (RBA) interest rate hike bets have been lifted, contributing to the appreciation of the Aussie currency.

Despite some limitations on USD losses due to escalating US-Iran tensions and Fed hike bets, the technical setup favors bulls, indicating further gains for the AUD/USD pair. The Relative Strength Index (RSI) at 59.45 validates this constructive outlook without signaling overbought conditions.

However, any subsequent move up is likely to confront initial resistance at the 50.0% level at 0.7033, followed by stronger barriers at the 61.8% Fibonacci retracement at 0.7072 and the cycle high region at 0.7201.