The AUDUSD currency pair, with a value of 0.68323, experienced a significant increase, marking the largest jump in a week and ending a four-day decline. This was in response to a positive jobs report from Australia. However, the potential for further gains is anticipated to be limited, according to the viewpoint of @nehcap.

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• AUD/USD jumps the most in a week, snapping four-day downtrend, after upbeat Australia jobs report.

The pair currently trades last at 0.68323.

The previous day high was 0.682 while the previous day low was 0.675. The daily 38.2% Fib levels comes at 0.6777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6793, expected to provide support.

AUD/USD justifies a strong positive surprise from the Australian employment report for June by printing the biggest daily gains in a week, as well as snapping a four-day losing streak, heading into Thursday’s European session. That said, the Aussie pair seesaws around the intraday high of 0.6840, up 0.90% on a day by the press time.

It’s worth noting that Australia’s headline Employment Change and Unemployment Rate marked positive figures for June while the Participation Rate eased whereas the Part-Time Employment numbers slide for the said month.

Also read: AUD/USD jumps 30 pips on better-than-forecast Australia employment report, PBoC status quo

Technically, the AUD/USD pair bounces off the 200-Exponential Moving Average (EMA) amid bullish MACD signals and an upbeat RSI (14) line, which in turn suggests further upside of the quote towards the 0.6900 resistance confluence comprising tops marked in June-July. The stated “double tops” also become crucial as it encompasses the 61.8% Fibonacci retracement level of the pair’s February-May downside.

Additionally, the RSI (14) is above 50.0 and may soon hit the overbought area, which in turn can join the 0.6900 round figure to challenge the AUD/USD bulls.

Hence, the AUD/USD pair’s upside past 0.6900 appears less likely, which if happens won’t hesitate to cross the 0.7000 psychological magnet to aim for the mid-February swing high of around 0.7030.

On the flip side, a daily closing beneath the 200-EMA level of around 0.6750 isn’t an open invitation to the AUD/USD bears as an ascending support line from May 31, close to 0.6695 at the latest, will act as an additional check for the bears.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6831 at the time of writing. Pair opened at 0.6772 and is trading with a change of 0.87 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6714, 50 SMA 0.6688, 100 SMA @ 0.6687 and 200 SMA @ 0.6713.

The previous day high was 0.682 while the previous day low was 0.675. The daily 38.2% Fib levels comes at 0.6777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6793, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6741, 0.6711, 0.6671
• Pivot resistance is noted at 0.6811, 0.6851, 0.6881

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