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FXstreet.com (San Francisco) - The Australian dollar closed 0.6% higher against the greenback overnight Wednesday at 1.0250 after reaching a 3-day high of 1.0280 from an earlier intraday low of 1.0178.

Despite the greenback's late-day rally after minutes of the latest Federal Reserve meeting dented risk appetite, AUD/USD preserved overall gains partly supported by higher commodity prices, with crude oil having recovered its previous day's losses by closing up more than 2%, while metals, sugar and coffee also recorded gains; corn and soybean prices declined about 2% on weather related forecasts. Better than expected Aussie economic data also lent support to the pair.

Employment figures for June will be key risk event for AUD this Thursday in Asia, scheduled for release by an Australian statistics bureau at 01:30 GMT. The labor market is expected to hold steady in June after adding 39,000 jobs in May.

So far in early Asia, AUD/USD sits quietly around the 1.0250 mark, with investors likely to remain hesitant about taking large positions ahead of the jobs data. "Economists are looking for ZERO job growth but based on the rise in the employment component of the service, manufacturing and construction sector PMI reports, we believe there's scope for an upside surprise," says Kathy Lien, Managing Director of FX Strategy for BK Asset Management.

If bulls continue to dominate price action in the sessions ahead, AUD/USD could again test the 1.0330 resistance area, with further technical levels of resistance noted at 1.0360 (Fibo 61.8%, 1.0854/1.0579), then at 1.0420 (15 March low). Immediate support lies at 1.0222 (20 June high), 1.0142 (10 May high) and 1.0117 (50-dya EMA).

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