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AUD/USD hits four-week highs above 0.7400 as dollar’s slide continues

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  • AUD/USD gains for the third consecutive day, supported by a weaker dollar.
  • Greenback hits weekly lows across the board ahead of the Nonfarm payroll report.

The AUD/USD rose further and climbed to 0.7409, reaching the highest level since August 5. Is it hovering around 0.7400, on its way to the third daily gain in a row.

Dollar loses, AUD/USD gains

The greenback, measured by the DXY, is falling 0.25%, trading at 92.25, the lowest in almost a month. Higher equity prices and steady US bond yields weighed on the dollar. Economic data from the US failed to lift the dollar. Jobless claims fell more than expected to the lowest since March 2020 while Factory Orders rose in July by 0.4% above the 0.3% of market consensus.

Market participants await the NFP to be released on Friday. Consensus is for an increase in payroll by 750K and the unemployment rate to drop to 5.2%. The numbers are expected to trigger volatility.

The aussie outperformed on Asian hours but then lost momentum against main of its rivals. AUD/NZD failed to hold onto gains and dropped back to 1.0400. In Australia, service sector data is due on Friday.

Technical levels

AUD/USD

Overview
Today last price 0.7407
Today Daily Change 0.0039
Today Daily Change % 0.53
Today daily open 0.7368
Trends
Daily SMA20 0.7295
Daily SMA50 0.7382
Daily SMA100 0.7553
Daily SMA200 0.7609
Levels
Previous Daily High 0.7385
Previous Daily Low 0.7307
Previous Weekly High 0.7318
Previous Weekly Low 0.7119
Previous Monthly High 0.7427
Previous Monthly Low 0.7106
Daily Fibonacci 38.2% 0.7355
Daily Fibonacci 61.8% 0.7337
Daily Pivot Point S1 0.7322
Daily Pivot Point S2 0.7275
Daily Pivot Point S3 0.7244
Daily Pivot Point R1 0.74
Daily Pivot Point R2 0.7431
Daily Pivot Point R3 0.7478

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