FxWirePro: AUD/USD capped below 0.72 handle, dismal Australia Q4 Construction Work Done data weighs

AUD/USD chart on Trading View used for analysis

• AUD/USD has edged lower from session highs at 0.7198, intraday bias neutral.
   
• The pair has paused weak US dollar led gains after dismal Australia Q4 construction work done data.
   
• Data released earlier today showed Australia Q4 Construction work done came in at -3.1 percent, missing the forecast rise of 0.5 percent by a big margin.
   
• Aussie construction work done data will feed directly into the Q4 GDP, due next week. The surprise drop will act as a drag on  GDP.
   
• Aussie likely to remain subdued, but weak USD courtesy dovish Powell's comments likely to limit downside.
   
• Immediate support is seen at 5-DMA, while immediate resistance lies at 110-EMA at 0.7191.

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