AUD/USD Rides Jobs Boom to Fresh 2026 Highs

AUD/USD climbed sharply today as domestic labor market strength surprised on the upside, with employment rising well above consensus and the unemployment rate falling to near cyclical lows (4.1% versus 4.4% expected, a significant beat), reinforcing optimism about Australia’s economic resilience. The stronger jobs data lifted the Australian dollar and bolstered broader sentiment that the Reserve Bank of Australia may shift from easing to tightening in the months ahead, with markets increasingly pricing a possible rate increase in February. A firm Aussie is also supported by a general risk-on backdrop in equities and commodity markets.

With little fresh macro news out of the U.S. today to counter this dynamic, AUD/USD has been driven by the recalibration of expectations around Australian monetary policy. Attention now turns to upcoming Australian inflation figures, which will be critical in shaping the RBA’s next move and the currency’s direction.

AUD/USD Daily Price History

In the above chart, AUD/USD rates have rallied into fresh 2026 highs, with the move in recent days sending the pair to its highest level since October 2024. The previously mentioned ascending triangle appears to be in motion, with a bullish breakout north of 0.6700 leaving bulls firmly in control. Momentum remains firm, with the rates of change for each of the 5-day, 20-day, 50-day, and 100-day exponential moving averages (EMA) increasing. A retest of the 2024 high at 0.6943 appears increasingly likely. A loss of the 5-day EMA (0.6772) would draw into question the current breakout and could potentially harken a return to ascending triangle resistance turned support near 0.6700.

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