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Weaker US Dollar Sees AUD/USD Above 0.76

AUD

AUD/USD slightly softer in early trade, but still sitting near multi year high. Last at 0.7619, down 3 pips. The pair rose above the 0.76 handle as the US dollar retreated hitting a fresh a three-year low on signs of progress in US stimulus negotiations. Reports indicate that we could see a deal agreed before the weekend. AUD is on track for its seventh straight weekly gain against the US dollar.

  • There are some concerns in Australia around a mini resurgence of COVID-19 cases. Sydney reported 7 new cases in the past two days, which bought to an end around 5-weeks of virtually no cases and limited transmission in Australia's largest city.
  • There is limited data on the docket today, the only release from the Antipodean region is the final December reading of New Zealand ANZ Business Confidence.
  • AUDUSD gains continue to extend further reinforcing a bullish theme. The Dec 2 break of 0.7414, Sep 1 high and former key resistance confirmed a resumption of the uptrend that began Mar 19. Moving average studies are also in a bull mode highlighting current sentiment. The focus is on 0.7638, a Fibonacci retracement level. Key near-term support is at 0.7507, Dec 15 low. The 20-day EMA intersects at 0.7432, also a firm support area