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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