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Free AccessWeaker US Dollar Sees AUD/USD Above 0.76
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
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.