• AUD/USD traded 0.6391 overnight, pushing (but not breaking) key resistance

• 0.6390 level pre-dates the tariff-day rout, stop losses accumulated above

• Fed's Powell cautious on inflation, very aware of U.S. stagflation risks

• AUD receiving support amid questions over long-standing strong USD policy

• AU employment data 0130 GMT Thur, Reuters poll consensus +40.0k jobs

• Trade war developments remain critical; AUD likely to extend rally

• Overnight range 0.6343-91, support 0.6180 0.5910, resistance 0.6390
AUD 4hr Chart

(James Connell is a Reuters market analyst. The views expressed are his own.)