- A hefty week of data for the Aussie wraps up with home loan figures ahead of the US NFP Friday risk event.
- Despite a week of busy data for Australia, the Aussie-Dollar pairing stuck to a bearish lean for the week.
The AUD/USD continues to trade near the 0.7200 handle heading into Friday’s action, which sees one last round of Aussie economic data before the US Non-Farm Payrolls drop to end the week.
Australian Home Loans for July are expected early today at 01:30 GMT, and the measure is expected to hold steady at 0.0% after the previous month’s -1.1% contraction, while investment Lending for Homes in July will be dropping at the same time, which last came in at -2.7% which doesn’t bode well for today’s reading.
On the US side, another NFP Friday drops on markets at 12:30 GMT. Median market expectations are for 191 thousand new jobs added from the last NFP reading, which came in at 157 thousand. US Average Hourly Earnings for the year into August are expected to remain flat at 2.7%, while the m/m figure is expected to come in at 0.2%, a sligh5t decline from the previous 0.3%.
AUD/USD levels to watch
Thursday went flat for the AUD/USD, failing to mark a meaningful move in either direction and price in an inside day, and according to FXStreet’s own Valeria Bednarik: “in the 4 hours chart, the pair has spent the day struggling around a flat 20 SMA, and below the larger ones, while technical indicators are stuck around their midlines, lacking directional strength. The pair would need to advance beyond 0.7235, the weekly high, to gain further bullish traction, eyeing then the 0.7300 price zone.”
Support levels: 0.7150 0.7120 0.7095
Resistance levels: 0.7230 0.7260 0.7300
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