Weaker US jobs data boosts AUD/USD with bullish momentum

The Australian Dollar versus the US Dollar (AUD/USD) is currently trading at $0.6972, up 0.5% in the intraday session. The pair is holding above key short- and medium-term moving averages, showing upward momentum on the daily chart.

Weaker-than-expected US jobs data has reduced support for the US Dollar, shifting demand toward the Australian Dollar. This shift is prompting traders to rebalance their portfolios, favoring AUD/USD as expectations around US economic resilience adjust. While upcoming US economic releases remain in focus, immediate trading has favored continued strength in the pair.

Technical indicators present a mixed picture. AUD/USD is above the MA-20 and MA-50 but below the MA-200 on the daily chart. The Ichimoku Kijun sits at $0.6955, acting as the nearest support. Momentum indicators are varied, with the MACD issuing a Buy signal, while the ADX remains Neutral. The RSI also gives a Buy signal, but the Stochastic RSI, CCI, and Awesome Oscillator are Neutral. Bull/Bear Power signals indicate strong buyer dominance.

Looking ahead, the expected volatility range for AUD/USD extends from $0.6937 to $0.7007 over the next one to two sessions. The baseline scenario suggests a continuation of movement within this corridor, with a very high probability of an upward move. Should resistance at $0.7007 be breached, further bullish momentum could develop. Conversely, if support at $0.6955 is lost, a minor pullback toward the lower end of the forecast band is possible.