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Extending Gains

AUSSIE

AUD/USD went bid Thursday as broader risk-on flows and firmer commodity prices provided tailwinds, with participants assessing the chance for a fiscal deal in the U.S. The rate posted gains for the second consecutive day.

  • The pair has added a handful of pips this morning and last changes hands +9 pips at $0.7174. Gains past the 50-DMA/Oct 1 & 6 highs at $0.7206/09 would bring Sep 22 high of $0.7235 into play. Conversely, a break under Oct 7 low of $0.7096 is needed to expose Sep 29 low of $0.7070.
  • Australian housing finance data and RBA's Financial Stability Review headline today.
  • Next week, focus moves to Westpac Consumer Confidence (Wednesday) as well as labour market report & RBA Gov Lowe's speech (Thursday).
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