AUD/USD chart - Trading View
AUD/USD was extending range trade for the second straight session, consolidates near 12-week highs.
The Australian dollar remains depressed after a big miss on the Australian Q3 Capex data. Private new capital expenditure fell by 3% in Q3, following a 5.9% slide in Q2, missing forecast for a 1.5% decline.
That said, bulls in the pair retain control as the US dollar remains on the back foot across the board, in the face of renewed US economic growth concerns.
Further, hopes for swift global economic recovery on potential coronavirus vaccines are likely to keep risk assets supported.
AUD/USD trades with a bullish technical setup. Price action is set to extend gains above 200W MA. Scope for test of 78.6% Fib at 0.7573.
On the flipside, 5-DMA is immediate support at 0.7334. Break below could see dip till daily cloud. Bullish invalidation only below 200W MA.
