AUD/USD Forecast: At Fresh 2-year Highs And Heading Towards The 0.7700 Price Zone

AUD/USD Current Price: 0.7627

• Upbeat Australian employment figures pushed AUD/USD above 0.7600.
• AUD/USD at fresh 2-year highs and heading towards the 0.7700 price zone.

The AUD/USD pair surged to 0.7639, its highest in over two years during Asian trading hours, following the release of upbeat Australian employment figures. The country added 90K new job positions in November, better than the 50K expected, while the Unemployment rate came in at 6.8%, improving from 7%. Most of the new positions were full-time ones, 84.2K. Despite the broad greenback’s weakness, the pair was unable to extend gains during the last two sessions and ended the day in the 0.7620 price zone.  Australia won’t release macroeconomic data this Friday.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair holds on to most of its intraday gains, and despite the lack of bullish momentum, the risk remains skewed to the upside. The 4-hour chart shows that technical indicators are modestly retreating from overbought readings, but also that the pair remains far above bullish moving averages. The pair could reach the 0.7700 price zone before entering a corrective decline ahead of the weekend.

Support levels: 0.7610 0.7565 0.7520

Resistance levels: 0.7640 0.7675 0.7710

View Live Chart for the AUD/USD