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AUD/USD Erases Losses Amid U.S. Equity Bounce

AUSSIE

AUD/USD round tripped from its intraday low of $0.7136 Thursday, paring earlier losses amid a bounce in U.S. equity benchmarks. The rate managed to eke out some modest gains at the end of the day.

  • The AFR reported that PM Morrison wants to "push the states to agree to nationally consistent principles governing interstate travel" amid growing frustration of businesses and the federal government. The National Cabinet is expected to discuss the issue today.
  • AUD/USD last deals at $0.7196, a touch above Thursday's close. Bulls see Aug 19 high of $0.7276 as their initial target, followed by Feb 2019 high of $0.7284. On the downside, focus falls on Aug 12 low of $0.7109, followed by the key support from Aug 3 low of $0.7076.
  • Domestic flash CBA PMIs & preliminary retail sales headline in Australia today.
  • Looking further ahead, payroll jobs and wages data is due Tuesday, completed construction work comes out Wednesday & private capex hits Thursday.
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