• US JOLTS Job Openings rose to 7.618 million in April, but it wasn't enough to support the US Dollar.
• Markets continue to assess the Fed's interest rate outlook amid resilient labor market conditions.
• Australia's GDP and S&P PMI releases are next in line and could drive the next move in AUD/USD.

The AUD/USD pair elevated near the 0.7190 level on Tuesday as the US Dollar (USD) failed to find support following stronger-than-expected labor market data.

The latest Job Openings and Labor Turnover Survey (JOLTS) showed the number of United States (US) job openings rose to 7.618 million in April from a revised 6.887 million in March, significantly exceeding market expectations of 6.88 million. The reading marked the highest level since May 2024 and reinforced the view that the US labor market remains resilient despite elevated borrowing costs.

Looking ahead, traders will closely watch Australia's Q1 Gross Domestic Product (GDP) report and the upcoming S&P Global Purchasing Managers Index (PMI) releases.

Short-term technical analysis:

On the 4-hour chart, AUD/USD trades at 0.7186, maintaining a constructive bullish bias as it remains above both the 100-period Simple Moving Average (SMA) at 0.7171 and the 20-period SMA at 0.7168. The cluster of underlying floors around 0.7177 and 0.7170 reinforces this near-term positive tone, while the Relative Strength Index (RSI) around 59 suggests solid but not overextended upside momentum.

On the topside, initial resistance aligns with the recent horizontal cap at 0.7187, and a sustained break above this barrier would open the way for further gains. On the downside, immediate support is seen at 0.7177, followed by the 100-period SMA near 0.7171 and the nearby 0.7170 horizontal level, with deeper protection emerging at the 20-period SMA around 0.7168 and the prior base at 0.7160.

(The technical analysis of this story was written with the help of an AI tool.)