FxWirePro: AUD/USD hits 7-week high, extends bullish streak amid US dollar weakness ahead of key NFP data

AUD/USD chart - Trading View 

AUD/USD was trading 0.51% higher on the day at 0.7435 at around 09:45 GMT, extends bullish streak for the 4th consecutive session.

The pair breaks 55-EMA resistance to enter into the daily cloud, raising scope for further upside.

Australian dollar largely ignores downbeat Retail sales data, which declined 2.7% in July, from -1.8% in June.

Aussie remains bid on the news that the Australian Prime Minister Scott Morrison confirmed to get 4m doses of Pfizer vaccine from the UK.

On the other side, the greenback treads cautiously as markets await the key non-farm-payrolls report.

The country is expected to have added 750K new jobs in August, while the Unemployment Rate is expected at 5.2%, better than the previous 5.4%.

Powell had said last week if job growth continues, the central bank could start to cut its asset purchases this year, but would remain cautious in decision to raise interest rates.

Any disappointment in the employment data could weigh on the greenback, driving further upside in the pair.

Next major hurdle for bulls lies at 110-EMA at 0.7476. Strong support is seen at 55-EMA at 0.7396.