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.
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