- AUD/USD inches closer to 0.7400 even as Aussie data probe bulls.
- Australia’s Q3 Construction Work Done dropped more than -2.0% forecast.
- Trading sentiment stays upbeat as US President-elect Joe Biden accelerates towards the White House.
- Vaccine hopes, trade/political headlines can entertain traders ahead of US Q3 GDP.
AUD/USD rises to the fresh high since September 02, currently easing to 0.7367, amid Wednesday’s Asian session. In doing so, the aussie pair marks 0.10% intraday gains while taking rounds to the multi-day top of 0.7374.
That said, AUD/USD bulls recently ignored downbeat housing data from Australia. The Constriction Work Done for the third quarter (Q3) dropped below -2.0% forecast and -0.7% previous readouts to -2.3% QoQ.
The reason could be traced from the global market’s optimism concerning the US economy as President-elect Joe Biden has recently been allowed to receive the President’s Daily Brief, the collection of classified intelligence reports prepared for the national leader. Following the announcement, the Democratic Party member showed readiness to unite America while also showing concerns for the Northern Ireland border.
Not only Biden’s readiness to help the US overcome the coronavirus (COVID-19), most likely via further stimulus, but expectations of sound policy moves by ex-Fed Chair Janet Yellen also favor the AUD/USD buyers. Additionally, downbeat US data and global rush towards the risk offered extra strength to the upside momentum.
While portraying the upbeat mood, S&P 500 Futures challenge a two-week high after its Wall Street counterpart offered the highest daily closing on record.
Moving on, a lack of major data can keep the traders directed towards the risk headlines ahead of the preliminary reading US Q3 GDP. It’s worth mentioning that strong GDP figures from the US than 33.1% forecast can trigger fresh pullback moves.
A sustained break of the mid-September top near 0.7345 keeps AUD/USD buyers hopeful towards breaking the 0.7400 round-figure and aim for the yearly high near 0.7415. Meanwhile, 10-day EMA, currently near 0.7285, offers an additional downside filter.
Additional important levels
|Today last price||0.7369|
|Today Daily Change||7 pips|
|Today Daily Change %||0.10%|
|Today daily open||0.7362|
|Previous Daily High||0.7368|
|Previous Daily Low||0.7282|
|Previous Weekly High||0.734|
|Previous Weekly Low||0.7254|
|Previous Monthly High||0.7244|
|Previous Monthly Low||0.7002|
|Daily Fibonacci 38.2%||0.7335|
|Daily Fibonacci 61.8%||0.7315|
|Daily Pivot Point S1||0.7307|
|Daily Pivot Point S2||0.7252|
|Daily Pivot Point S3||0.7222|
|Daily Pivot Point R1||0.7392|
|Daily Pivot Point R2||0.7423|
|Daily Pivot Point R3||0.7477|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.