The AUD/USD pair rose near the 0.7150 region on Wednesday as the United States (US) Dollar (USD) continued to strengthen following upbeat US labor market data from Tuesday.
Traders now turn their attention to the upcoming Australian employment report
The latest ADP employment report showed that US private employers added 42,250 jobs on four-week average, reinforcing expectations that the Federal Reserve (Fed) may maintain a cautious stance on interest rate cuts. The stronger labor market data boosted US Treasury yields and supported the Greenback across the board. Investors are now closely watching Australia’s April Employment Change report, scheduled for release on Thursday.
Market expectations point to an increase of around 17.5K jobs, while the Unemployment Rate is expected to remain steady at 4.3%. A stronger-than-expected labor market reading could reinforce expectations that the RBA may keep rates elevated for longer. Short-term technical analysis: On the 4-hour chart, AUD/USD trades at 0.7167.