Upbeat Job Prints Push AUD/USD Higher

WikiFX News (18 Dec.) - AUD/USD on Thursday rose by 0.70% to 0.7629, hitting a multi-year high. The positive dynamic is attributed to the high risk appetite recently, a boost for the Australian dollar.

US Covid-19 hospitalizations and deaths hit a record high this week. Nonetheless, the FDA found that Modernas vaccine was highly effective, injecting risk taking in markets.

Australias unemployment rate fell to 6.8% from 7.0%, according to its November jobs report. Strong economic data is likely to dampen dovish RBA prospects even as the central bank discourages a strong AUD.

Besides, the iron price was up nearly 4% on Thursday. It is a huge boost for the Australian economy since the country is the largest exporter of the economically vital mineral substance.

However, the New South Wales Premier warned that Sydney would recently see more Covid-19 cases. Potential headwinds from Covid-19 clusters across Australia may warrant traders close eye.

Now at another fresh multi-year high, AUD/USD has broken above late 2019 trendline resistance. However, the recently broken trendline resistance may turn to new support, which will extend the upsides of AUD/USD.

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Chart: Trend of AUD/USD