26th November 2020 - AUD/USD sideways around 0.7350, consolidating at 12-week highs

Good Morning,

Market Headlines

The overnight session was relatively quiet ahead of today’s Thanksgiving Day holiday. The S&P 500 was down 0.2% in late trade while conversely, the NASDAQ was .5% higher. The oil rally continued with further gains of 2.1% while U.S yields edged slightly lower.


AUD/USD: 0.7325 – 0.7373

EUR/USD: 1.1882 – 1.1930

GBP/USD: 1.3306 – 1.3394

USD/JPY: 104.26 – 104.55

USD/CAD: 1.2987 – 1.3029

NZD/USD: 0.6961 – 0.7014

AUD/JPY: 76.42 – 76.86

AUD/NZD: 1.0492 – 1.0547

AUD Thoughts

Despite the relatively choppy price actions, upward momentum appears to be strong and AUD is expected to move higher even though the year-to-date high at 0.7413 is likely out of reach (there is a minor resistance at 0.7400). On the downside, a breach of 0.7320 would indicate the current upward pressure has eased (minor support is at 0.7340).

Event Risk Data Today

NZ – October Trade Balance


DE – December Consumer Confidence

US – Thanksgiving Day Holiday

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