AUD/USD rises back above 0.7400

The AUD/USD pair rebounded after hitting a 3-day low at 0.7387 and rose back above 0.7400. Recently it reached 0.7436. Currently is trading at 0.7420/25, unchanged compared to yesterday’s closing price. 

The recent rally, that pushed the price close to daily (0.7442) and weekly highs (0.7445), was boosted by a decline of the US dollar against commodity and emergent market currencies. 

Aussie traders are awaiting the Australian jobs report that will be released on Thursday at 01:30 GMT. The employment change is expected to be positive by 5K and the unemployment rate to remain unchanged at 5.9%. 

AUD/USD inter-market: Risks further downside on Aus jobs

Levels to watch 

On a wider perspective, AUD/USD continues to trade in a range since the beginning of the week, with a strong barrier below 0.7450 and support at 0.7385/95. The bias is slightly tilted to the downside; below 0.7380 the bearish momentum could rise. Support levels might be located at 0.7365 (May 5 low) and 0.7325/30 (May 9 & 11 low). 

To the upside, a consolidation on top of 0.7460 would be an important short-term signal of a bullish continuation with a target at 0.7480 and then 0.7510.