The AUD/USD pair has risen over the critical medium-term resistance level of 0.7541/57, implying additional AUD strength.

The solid overnight surge confirmed a near-term bullish breakout through the 0.7375-0.7380 resistance zone. The ensuing rise over the 0.7400 level and the previous year-to-date high support the possibility of further increases. The pair appears to be on track to retake the critical 0.7500 psychological mark, with technical indicators on the daily chart remaining positive and far from being overbought.

Among many other criteria, one of the most important is the Australian trade balance, released on April 7, 2022, by the Australian Bureau of Statistics (ABS). Economists expect it will report a value of 12000 M in February, compared to 12891 M the month before indexing.

Export data can be a good sign of Australian growth, while import data can measure local demand. The trade balance accurately predicts net export performance. The trade balance will improve if there is a steady demand for Australian exports, which will benefit the Aussie dollar.

Furthermore, the US Department of Labor will soon announce initial jobless claims.

Economists predict that it will reach 220,000 in February, up from 200,000 the previous month.

The number of people filing first-time claims for state unemployment insurance is initial jobless claims. In other words, it serves as a barometer of the state of the labour market. A higher-than-expected figure reflects market weakness, which impacts the health and direction of the US economy.

Conclusion

The AUD/USD currency pair is a good buy for short- to medium-term trading.