16.10.2020: USD ends week on high note: outlook for USD/JPY, AUD/USD

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Demand for the US dollar rose considerably in light of the latest event in Europe and upbeat data on US weekly jobless claims. Investors welcome the strong report showing a reduction in the number of continuing claims.
The US dollar index is trying to break above the level of 94.00, closing the trading week with gains. It is gaining momentum amid a rapid splash of the new coronavirus cases across Europe. Not long ago market participants expressed concerns over the epidemiological situation in the US which was a bearish factor for the greenback. Now traders seem ready to resume purchases of the US dollar thanks to its status of a safe-haven asset.
However, the US dollar’s rally may be halted by the risk of political turbulence because of the presidential election. According to preliminary data, Joe Biden is taking the lead over Trump in the presidential poll. However, traders remember Trump's statement that he will not give up his seat without a fight. Besides, such an outcome is quite feasible due to the fact that Trump is strongly opposed to remote voting. He considers this method of voting unreliable.
The dollar/yen pair failed to break above the resistance level of 105.80. So, the pair is declining. It may break through the support level at 104.96. Technical analysis experts refrain from making forecasts, even if the pair breaks through the mentioned above level.
The Australian dollar is consolidating today after falling to the target level of 0.7055. Given the strengthening of the US currency across the board, the pair may well resume the downward movement declining to the next target of 0.6960. Besides, all technical indicators signal a further drop.

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