AUD/USD breaks 0.6280 resistance, multi-month high signals further gains

AUD/USD has rallied 0.9% to 0.6285, marking its highest level since September 2024 as strong Australian employment data and China's economic recovery boost the commodity currency. Australian unemployment unexpectedly fell to 3.9% from 4.1%, while job additions reached 45,600, nearly double expectations. The momentum has been reinforced by improving Chinese PMI data, with Manufacturing PMI rising to 51.2, supporting demand for Australian exports. Technical indicators show AUD/USD breaking above the key 0.6280 resistance level with RSI at 68, approaching overbought territory. The next resistance targets are 0.6320 and 0.6350, while support has formed at 0.6250. RBA officials have maintained a hawkish stance, contrasting with the Fed's patient approach, widening the yield differential in AUD's favor. Continued Chinese economic improvement could propel AUD/USD toward the 0.6400 level.