AUD/USD (current price: 0.7710)
The Australian Dollar has been trading higher for more than a month now, following the second interest rate cut by the RBA in 2016, as the Asian economies are looking slightly stronger, and commodities seem to have hit a bottom. Oil is rising again following a protracted decline, and precious metals are now in a long-term uptrend The Australian Employment Report came slightly with better than expected numbers this morning as the Unemployment Rate ticked lower to 5.7% and payrolls rose by 26,000.
Our assessment: AUD/USD is back above the 0.77 level in early trading, and a re-test of the highs near 0.78 is possible in the coming weeks for the commodity currency.
