The AUD/USD pair trades around 0.7180, up for the day as the positive tone of Wall Street provided support to the pair in the final trading session of Wednesday. The pair peaked at the beginning of the day at 0.7221, its highest in three weeks. The released official data from Australia was put under the radar given the on-going attention on the U.S. election.
What's Next?
The AUD/USD pair is up for a third consecutive day and poised to extend its gains according to intraday technical readings. The 4-hour chart shows that the pair is above all of its moving averages, with the 20 SMA heading firmly higher, although below the larger ones.
Technical indicators are retreating just modestly from overbought readings, reflecting the absence of volumes at this time of the day rather than suggesting an upcoming decline.
Support levels:0.7125 0.6990 0.6950
Resistance levels: 0.7220 0.7265 0.7300
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