AUD / USD slowly approaching 0.7200 amid modest DXY correction

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  • AUD / USD is rebounding after Tuesday’s slide.
  • The US Dollar Index consolidates near 93.50.
  • Data ahead: wholesale inflation in the US and employment in Australia.

He AUD / USD closed the first two days of the week in negative territory and is making a technical rally on Wednesday. At time of writing, the pair is up 0.17%, trading around 0.7175.

Data from Australia showed Westpac’s consumer confidence in October fell to 11.9 from 18 in September. However, this reading was slightly above the market expectation of 9.9 and helped the AUD to remain resilient against its rivals.

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On the other hand, the US dollar index, gained 0.53% driven by some refuge demand and remains in a consolidation phase around the 93.50 area, which allows the AUD / USD to remain in positive territory.

Australia Employment Report

Later in the day, the Producer Price Index (PPI) will be the only data on Wednesday’s US economic calendar. On Thursday, the Australian Bureau of Statistics will release its labor market report. Investors expect the job change to be -35,000 in September and the unemployment rate to rise from 6.8% to 7.1%. A weaker-than-expected jobs report could weigh on the AUD and could cause investors to begin to see a change in the policy outlook for the AUD. Reserve Bank of Australia (RBA).

Technical levels to take into account

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Credits: Forex Street

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