The Australian dollar showed some strength during Thursday’s trading session, despite being a quieter day due to the Independence Day holiday in the US. The focus is now on the upcoming jobs report, which could bring some volatility to the market depending on whether it meets expectations or surprises investors.
The jobs report is important not just for the Australian dollar, but also for the US dollar as a whole. The market is currently in a large triangle pattern, and a breakout from this pattern could have significant implications. If the Australian dollar manages to break above 0.6750, we could see it test the 0.6850 level.
Overall, traders are keeping a close eye on key economic data and technical levels to gauge the direction of the Australian dollar against the US dollar in the near term.