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AUD/USD edged higher to trade at 0.6559, having previously hit a high of 0.6595, as technical conditions are influencing the trend.
Strong U.S. employment data and an expanding economy suggest continued interest rate expectations from the Federal Reserve, which has an impact on the Australian dollar.
Federal Reserve officials’ speeches reflected cautious optimism about inflation and suggested that future interest rate cuts will be guided by economic data.
AUD/USD rose slightly after the Asian market opened on Friday. Although AUD/USD hit a one-month high at 0.6595, the upside was hampered as 0.6595 posed a key technical resistance level that acted like a magnet, pushing AUD/USD to around 0.6550. As of press time, AUD/USD was trading at 0.6559, up 0.06%.
