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AUD/USD Snaps Three-Day Losing Streak, Eyes Labour Market Data

AUSSIE

Although AUD/USD was offered in Wednesday's Asia-Pac hours, on the back of a poor Australian Westpac Consumer Confidence print and a dovish RBNZ MonPol decision across the Tasman, it recoiled later in the day. A recovery in risk appetite pushed the rate higher, with a rebound in gold and a bullish 100-/200-DMA crossover providing some further topside impetus. AUD/USD snapped its three-day losing streak, as it bounced off a new one-week low.

  • The pair last trades at $0.7163, little changed on the day. A break above Aug 5/7 highs of $0.7241/43 before targeting Feb 2019 high of $0.7284. Conversely, a fall through Aug 3 low of $0.7077 would expose the key Jul 24 low of $0.7064.
  • Domestic consumer inflation expectation and labour market report headline in Australia today. On Friday, focus turns to a parliamentary testimony from RBA Gov Lowe.
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