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GBP/USD

XAU/USD

AUD/USD soars over 2% on Sino-Australian news, 0.6900 and US data eyed

AUD/USD is rallying hard, eyeing 0.6900 amid USD sell-off, upbeat mood.
China is considering a partial end to the Australian coal ban.
US ISM PMI and Fed Minutes to offer fresh cues to the Aussie.

Dhwani Mehta FXStreet

AUD/USD is riding the risk-on wave higher so far this Wednesday, extending the rebound by over 2% amid a broad sell-off in the US Dollar and the renewed China-Australia trade optimism.

The Aussie caught this relentless bid only after several media reported that China is considering a partial end to its ban on imports of Australian coal. The positive sentiment in the European markets only added to the upsurge in the higher-yielding Aussie Dollar at the expense of the safe-haven US Dollar.

Traders also take advantage of encouraging Reserve Bank of Australia (RBA) thinking, cited by MNI. The report said, “the Reserve Bank of Australia (RBA) believes that “accumulated savings, a tight jobs market and spending cuts will make higher interest rates manageable for most homeowners.”

Next of relevance for the AUD/USD pair remains the US ISM Manufacturing PMI release and the Fed December meeting, which could have a significant impact on US Dollar valuations, eventually influencing the currency pair.

AUD/USD: Technical levels to consider

AUD/USD

Overview

Today last price

0.6872

Today Daily Change

0.0142

Today Daily Change %

2.11

Today daily open

0.6729

Trends

Daily SMA20

0.6746

Daily SMA50

0.6662

Daily SMA100

0.6637

Daily SMA200

0.6856

Levels

Previous Daily High

0.6834

Previous Daily Low

0.6688

Previous Weekly High

0.6821

Previous Weekly Low

0.671

Previous Monthly High

0.6893

Previous Monthly Low

0.6629

Daily Fibonacci 38.2%

0.6744

Daily Fibonacci 61.8%

0.6778

Daily Pivot Point S1

0.6666

Daily Pivot Point S2

0.6604

Daily Pivot Point S3

0.652

Daily Pivot Point R1

0.6813

Daily Pivot Point R2

0.6897

Daily Pivot Point R3

0.6959

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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