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AUD/USD Hovers Above 100-DMA, Edges Higher On Friday Morning

AUSSIE

AUD/USD ebbed lower on Thursday, extending its losing streak to five consecutive sessions. Poor performance of Asian and European equity markets, amid concerns over the resurgence of coronavirus across Europe and the U.S., dented the pair, despite a recovery at Wall St.

  • Treasurer Frydenberg is set to announce scrapping the "responsible lending laws" for banks and replacing them with looser regulations. The AFR described the move as a shift from "lender beware" back towards traditional "borrower beware".
  • As a reminder, the JobSeeker supplement gets cut by A$300 to A$815 a fortnight today.
  • The rate has inched higher and last trades +7 pips at $0.7054. Bulls look for a jump past Sep 24 high of $0.7082 before targeting Sep 9 high of $0.7192. Bears see Jul 21/100-DMA of $0.7010/07 as the initial support and a break here would open up $0.6965, which represents the 38.2% retracement of the Mar - Sep rally.
  • The ABS will release preliminary trade data for the month of August today.
  • Next week, focus turns to private sector credit & building approvals (Wednesday), as well as AiG & CBA M'fing PMI readings, CoreLogic House Price Index and job vacancies (Thursday).
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