The Australian dollar weakened back to 0.74 against the US dollar on Wednesday, primarily due to a strengthening US currency trend, with marginal gains to 0.7420 in local trading on Thursday as the US currency stabilised. The rise in commodity prices to a 4-week high offered some background support to the Australian dollar, although international interest rate expectations are likely to dominate over the next 36 hours.
The Australian currency will be in a much stronger position to make renewed gains against the US dollar if there is a tough ECB stance today and a disappointing US employment report on Friday. Overall, there should be further short-term support close to the 0.74 level, but with resistance close to 0.7470 and volatility levels are liable to increase.
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