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Fundamental analysis

Australian Dollar Rises Sharply to 0.7380

OctaFx | Dec. 3, 2018
Australian Dollar Rises Sharply to 0.7380

December 3, OctaFX – The Australian dollar rose today after the agreement between the United States and China. This is despite the relatively weaker economic data from Australia. Building approvals for October contracted by 1.5%, which was worse than the expected decline of 1.4%.

In September, the approvals had increased by 5.5%. Moreover, company gross operating profits increased by 1.9% for the third quarter, which was lower than the consensus estimate of 2.9%.

Business inventories were unchanged. The consensus estimate was a growth of 0.4%. On a positive note, the construction work done in the third quarter jumped by 2.7%.

AUDUSD Technical Forecast

The Australian dollar rose sharply in the Asian session today. The pair reached an intraday high of 0.7380, which is the highest level since August this year. It was a continuation of a rally that started in October.

The pair’s price is above the 15-day and 30-day EMA while the RSI has jumped to almost 70. The MACD too has moved above the neutral line. Therefore, it is likely that the upward rally will continue.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.