AUD/USD loses ground near 0.6550 ahead of the Australian GDP data

AUD/USD loses momentum near 0.6550 on the firmer USD.
US ISM Services PMI grew to 52.7 vs. 51.8 prior, better than the 52.0 expected.
The Reserve Bank of Australia (RBA) board members decided to maintain the rate unchanged at 4.35% at its December meeting.
The Australian growth number Q3 report will be a closely watched event on Wednesday.

Lallalit Srijandorn FXStreet

The AUD/USD pair extends its downside around the mid-0.6500s during the early Asian session on Wednesday. The downward momentum is driven by the renewed US Dollar (USD) demand. Investors await the Australian Gross Domestic Products for the third quarter (Q3) for fresh impetus, which is expected to remain steady at 0.4% YoY. AUD/USD currently trades around 0.6551, down 0.01% on the day.

The US Dollar gains ground above 104.00, its highest daily close in two weeks, despite lower US Treasury yields and mixed US data. The US job openings data, as measured by the Job Openings and Labour Turnover Survey (JOLTS) dropped by 617,000 to 8.733M in October. This figure could offer some hints about November’s ADP job report on Wednesday, with an expected rise of 130K in private sector workers.

Additionally, the US ISM Services PMI came in better than expected, growing to 52.7 from 51.8 in the previous reading. The figure registered the 11th consecutive month of expansion in the services sector and suggested the economy is still some way from recession.

On Tuesday, the Reserve Bank of Australia (RBA) board members decided to keep the rate steady at 4.35% at its December monetary policy meeting. Following the meeting, the Australian Dollar (AUD) has edged lower against its rivals. The RBA’s Governor Michele Bullock said whether additional monetary policy tightening is necessary to ensure that inflation returns to target would be determined by the data and the developing risk assessment.

Looking ahead, market players will closely monitor the Australian growth number for Q3. The attention will shift to the US ADP private employment and Unit Labor Cost data, is due on Wednesday. These figures could give clear direction to the AUD/USD pair.

AUD/USD

Overview
Today last price	0.6553
Today Daily Change	-0.0065
Today Daily Change %	-0.98
Today daily open	0.6618

Trends
Daily SMA20	0.6525
Daily SMA50	0.6432
Daily SMA100	0.6474
Daily SMA200	0.658

Levels
Previous Daily High	0.6691
Previous Daily Low	0.6605
Previous Weekly High	0.6677
Previous Weekly Low	0.6567
Previous Monthly High	0.6677
Previous Monthly Low	0.6318
Daily Fibonacci 38.2%	0.6638
Daily Fibonacci 61.8%	0.6658
Daily Pivot Point S1	0.6585
Daily Pivot Point S2	0.6552
Daily Pivot Point S3	0.6499
Daily Pivot Point R1	0.6671
Daily Pivot Point R2	0.6724
Daily Pivot Point R3	0.6756

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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