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Consolidating Gains

AUD

AUD/USD went bid Tuesday, amid previously outlined RBNZ dynamics & broader risk rally. The recognition of Joe Biden as the "apparent winner" of the U.S. presidential election & the formal launch of the transition process supported sentiment. As a result, the rate punched through consecutive layers of resistance at $0.7340 (Nov 9 & 17 highs) and $0.7345 (Sep 16).

  • The rate last sits +5 pips at $0.7367. Bulls need a clearance of Nov 24 high of $0.7368 and a breach of that figure would expose Sep 1 high of $0.7414. Bears look for a dip through the 20-EMA at $0.7263 before taking aim at Nov 13 low of $0.7222.
  • Australian Q3 completed construction work comes out later today, with private capex coming up on Thursday.

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