AUD / USD capped around the 0.7760 level

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  • AUD / USD jumps to daily highs near 0.7760 and then pulls back.
  • The appetite for risk awakens and elevates the pair.
  • The markets focus now is on Biden’s speech and potential announcements.

The sudden fall of the US dollar has raised the AUD / USD pair to the 0.7760 zone at the start of the American session on Wednesday. At time of writing, the pair is pulling back from that region, remaining positive for the day around the 0.7140 / 45 area.

AUD / USD focuses attention on risk trends and Biden

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AUD / USD extends Tuesday’s gains and has reached new 3-day highs near 0.7760 after moderate improvement in risk appetite.

In fact, weakness around the USD It has accelerated as inauguration day kicks off and before President Biden’s speech later in the session.

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Regarding economic data for Australia, consumer sentiment measured by Westpac deteriorated to -4.5 for the current month. On the other hand, December labor market report is due to be released during Thursday’s Asian session, and the unemployment rate is expected to decline to 6.7%.

AUD / USD levels

At the time of writing, the AUD / USD pair is up 0.63% on the day, trading at 0.7741. A break above 0.7760 (January 20 high) would target 0.7820 (January 6 high) and 0.8000 (psychological level). On the downside, immediate support is at 0.7658 (Jan 18 low), followed by 0.7642 (Jan 4 low) and 0.7492 (55-day SMA).

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