The AUD/USD was able to make a solid move higher today, hitting a high of 0.7789. However, the resistance at 0.7801 has not yet been conquered today. The AUD/USD has failed at this level three times this year.
Australian labor market data released overnight was mixed. For example, the number of employed people in Australia rose by over 29,000 in January. The majority of analysts had expected a gain of 30,200, down from the previous month’s gain of 50,100. The unemployment rate surprisingly fell to 6.4 percent during the period – the lowest level since April 2020. A decline to 6.5% had been expected here, after 6.6% in December.
If the US dollar continues to weaken in the medium term, the AUD/USD could very quickly breach the 0.7801 level.