AUD/USD Rebounds Amid US Dollar Weakness
The AUD/USD pair has rebounded from a recent low, with the Australian Dollar gaining strength against the US Dollar. The US Dollar has come under pressure as market expectations for Federal Reserve interest rate cuts intensify.
The release of the US Initial Jobless Claims data, which showed an unexpected increase, has further contributed to the US Dollar's weakness. This suggests a potential slowdown in the US labor market and could reinforce the case for a more dovish monetary policy stance.
AUD/USD Technical Outlook
The AUD/USD pair is showing signs of a short-term recovery, with the potential for further gains. However, the pair remains below key resistance levels, and a decisive break above these levels would be required to confirm a stronger uptrend.