AUD approaches the strong resistance at 0.7185. What may happen next?
Fundamental overview
Today Australia reported that 114 700 its citizens found jobs in July. That numbers beat all estimates, as analysts anticipated only 30 000. Analysts may set such a low forecast because Australia was suffering from the fresh virus resurgence, especially its state Victoria. Australian unemployment rate exceeded expectations too: 7.5% vs predicted 7.8%.
As a result, the Australian dollar surged. Moreover, vaccine hopes and decreasing new virus cases improved the market sentiment and underpinned the risky aussie. Do you know that Australia is the second largest producer of gold after China? Last year Australia produced the record amount of yellow metal. Therefore, if the USD gets weaker and the gold price rises further, the AUD may become the best performer on the Forex market.
