6th August 2020 - AUD/USD: Consolidates run-up to 18-month top near 0.7200

Good Morning,

Market Headlines

- The Dow climbed 373.71 points, or 1.39%, to 27,202.18.

- S&P 500 added 21.52 points, or 0.65%, to 3,328.03.

- Nasdaq put on 58.22 points, or 0.53%, to 10,999.39.

- Gold storms above $2,050, hits new all-time highs

- Trump is ready to use executive action to overcome policy deadlock


AUD/USD: 0.7184 – 0.7241

EUR/USD: 1.1807 – 1.1905

GBP/USD: 1.3059 – 1.3160

USD/JPY: 105.33 – 105.87

USD/CAD: 1.3235 – 1.3295

NZD/USD: 0.6640 – 0.6673

AUD/JPY: 75.88 – 76.42

AUD/NZD: 1.0816 – 1.0860

AUD Thoughts

- AUD/USD seesaws between 0.7186 and 0.7200 following its highest levels since February 2019.

- Downbeat ADP, employment component of ISM Non-Manufacturing PMI weighed on the US dollar, gold surged to fresh record high of $2,055.69.

- Market sentiment cheers hope of further stimulus, virus woes, vaccine news play their part as well.

- A light calendar keeps risk catalysts on the driver’s seat.

Looking forward, markets will observe hints to the COVID-19 stimulus package while keeping eyes on other risk catalysts such as the Sino-American tussle, virus headlines and growth updates for fresh impetus.

An area comprising 10-day Exponential Moving Average (EMA) and a rising trend line from May 22, near 0.7110-0.7095 becomes near-term key support zone. On the upside, early 2019 top surrounding 0.7300 lures the bulls.

Event Risk Data Today

UK – BOE Decision

US – Weekly Jobless Claims

Recent Posts

See All


This material is provided by Navigate Global Payments (Navigate) ACN 615 699 888, AFSL 502711.  The material contains general commentary only and does not constitute investment or any other advice.  Certain types of transactions, like futures, options and high yield securities can be risky, and not suitable for all investors.  This information has been prepared without considering your objectives, financial situation or needs.  Please seek your own independent legal or financial advice before proceeding with any investment decision.  The information is believed to be accurate at the time of compilation and is provided in good faith.  Navigate does not warrant the accuracy or completeness of any information contributed by a third party. The information is subject to change without notice and Navigate is under no obligation to update the information. The information contained in this material are opinions of the author at the time of writing and does not constitute an offer, recommendation to act, a solicitation of an offer, or an inducement to subscribe for, purchase or sell any financial instrument or to enter a legally binding contract.  This information, including any assumptions and conclusions is not intended to be a comprehensive statement of relevant practise or law that is often complex and can change.  Past performance is not a reliable indicator of future performance. Any forecasts given in this material are predictive in character.Navigate Global Payments Pty Ltd nor its related parties or officers accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the information contained or related to this site.