AUD/USD builds on Wednesday's gains, pushes higher toward 0.7400

AUD/USD preserves its bullish momentum following Wednesday's climb.
US Dollar Index moves sideways below 93.00 on Thursday.
Weekly Initial Jobless Claims and Existing Home Sales data will be featured in US economic docket.

Eren Sengezer FXStreet

Supported by risk flows in the second half of the day, the AUD/USD pair closed in the positive territory on Wednesday and continues to edge higher during the European trading hours on Thursday. As of writing, the pair was up 0.35% on the day at 0.7384.

Eyes on mid-tier US data

Earlier in the day, the data from Australia showed that the National Australia Bank's Business Confidence declined to 17 in the second quarter from 19 in the first quarter. This reading fell short of the market expectation of 21 but failed to trigger a meaningful market reaction.

Meanwhile, the upbeat market mood helps AUD outperform its rivals ahead of mid-tier data releases from the US. Major European equity indexes are up between 0.3% and 1% on Thursday and Wall Street looks to open modestly higher following the two-day rally.

Later in the session, the US Department of Labor's weekly Initial Jobless Claims data will be looked upon for fresh impetus. Furthermore, June Existing Home Sales and the Federal Reserve Bank of Chicago's National Activity Index will be featured in the US economic docket as well.

On Friday, the Commonwealth Bank's preliminary July Manufacturing and Services PMI reports will be released from Australia.

Technical levels to watch for

AUD/USD

Overview
Today last price	0.7383
Today Daily Change	0.0024
Today Daily Change %	0.33
Today daily open	0.7359

Trends
Daily SMA20	0.7472
Daily SMA50	0.7609
Daily SMA100	0.766
Daily SMA200	0.7589

Levels
Previous Daily High	0.7363
Previous Daily Low	0.7288
Previous Weekly High	0.7504
Previous Weekly Low	0.7391
Previous Monthly High	0.7794
Previous Monthly Low	0.7477
Daily Fibonacci 38.2%	0.7335
Daily Fibonacci 61.8%	0.7317
Daily Pivot Point S1	0.7311
Daily Pivot Point S2	0.7262
Daily Pivot Point S3	0.7236
Daily Pivot Point R1	0.7385
Daily Pivot Point R2	0.7411
Daily Pivot Point R3	0.746

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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