AUD/USD advances beyond 0.7200 ahead of key US data

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  • AUD/USD is building on Tuesday's gains, closes in on multi-year highs.
  • USD struggles to find demand amid risk-positive market atmosphere.
  • ADP Employment Change and Services PMI data will be featured in the US economic docket.

The AUD/USD pair closed in the positive territory on Tuesday and preserved its bullish momentum on Wednesday. As of writing, the pair was trading at 0.7220, gaining 0.82% on a daily basis.

AUD capitalizes on risk-on flows, upbeat data

Earlier in the day, the data from Australia showed that the Commonwealth Bank's Composite PMI came in at 57.8 in July's final reading and showed expansion at a strong pace in the private sector's economic activity. Additionally, Investment Lending for Homes surged by 8.1% in June after declining by 15.6% in May and provided an additional boost to the AUD.

Meanwhile, the risk-on market mood on Wednesday is making it difficult for the greenback to find demand. Ahead of the ADP's monthly Employment Change and the ISM's Non-Manufacturing PMI data from the USthe US Dollar Index is down 0.38% on a daily basis at 92.90.

However, the 10-year US Treasury bond yield, which lost more than 8% on Tuesday, is staging a decisive rebound and was last seen gaining 4.6% on the day. If the T-bond yields continue to push higher after the US data, the greenback could remain resilient against its peers and keep AUD/USD's pair's upside limited.

There won't be any macroeconomic data releases featured in the Australian economic docket on Thursday and the USD's market valuation is likely to remain as the primary driver of AUD/USD's movements.

Technical levels to watch for


Today last price 0.7217
Today Daily Change 0.0056
Today Daily Change % 0.78
Today daily open 0.7161
Daily SMA20 0.7069
Daily SMA50 0.6957
Daily SMA100 0.6632
Daily SMA200 0.6701
Previous Daily High 0.7168
Previous Daily Low 0.7105
Previous Weekly High 0.7228
Previous Weekly Low 0.7087
Previous Monthly High 0.7228
Previous Monthly Low 0.6876
Daily Fibonacci 38.2% 0.7144
Daily Fibonacci 61.8% 0.7129
Daily Pivot Point S1 0.7121
Daily Pivot Point S2 0.7082
Daily Pivot Point S3 0.7059
Daily Pivot Point R1 0.7184
Daily Pivot Point R2 0.7207
Daily Pivot Point R3 0.7246



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still look good on AUD/USD pair