AUD/USD refreshes 12-week top with 0.7400 on optimist’s radar

  • 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.

Technical analysis

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
Daily SMA20 0.7227
Daily SMA50 0.7179
Daily SMA100 0.7175
Daily SMA200 0.6846
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



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