AUDUSD looks ready to resume its uptrend, as price found support at the bottom of its ascending channel on the 4-hour time frame. Price could set its sights on the top of the channel at the .7350 minor psychological mark from here.

The 100 SMA is above the 200 SMA to confirm that the uptrend is more likely to resume than to reverse. Price has also climbed back above the 100 SMA dynamic inflection point after it found support at the 200 SMA dynamic inflection point. Weak bullish pressure could already find resistance at the mid-channel area of interest at the .7300 handle.

Stochastic has some room to climb before reflecting overbought conditions, so there could be room for Aussie bulls to push the pair higher. RSI is also on its way up and could take a while before reaching the overbought zone, which suggests that bullish pressure could stay in play for much longer.

Earlier on, the Australian economy printed another stronger than expected jobs figure for December. Employment grew by 64.8K versus the projected 60K gain, but this was still lower than the earlier 366.1K increase in November. Still, the figure was enough to bring the jobless rate down from 4.6% to 4.2% versus the 4.5% consensus and spur a bounce for the Aussie.

There are no major reports due from both the US and Australia for the rest of the week, so this pair could take cues from overall market sentiment. Risk-taking appears to be in play these days, as recent economic reports from major economies suggest that these are able to weather Omicron concerns quite well.

However, a return in risk-off flows could favor the lower-yielding US dollar versus its higher-yielding counterparts. Tensions in the Middle East could be enough to keep traders wary of geopolitical risks and bring safe-haven flows back in.