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22 Jul 2021

AUD/USD builds on Wednesday's gains, pushes higher toward 0.7400

  • AUD/USD preserves its bullish momentum following Wednesday's climb.
  • US Dollar Index moves sideways below 93.00 on Thursday.
  • Weekly Initial Jobless Claims and Existing Home Sales data will be featured in US economic docket.

Supported by risk flows in the second half of the day, the AUD/USD pair closed in the positive territory on Wednesday and continues to edge higher during the European trading hours on Thursday. As of writing, the pair was up 0.35% on the day at 0.7384.

Eyes on mid-tier US data

Earlier in the day, the data from Australia showed that the National Australia Bank's Business Confidence declined to 17 in the second quarter from 19 in the first quarter. This reading fell short of the market expectation of 21 but failed to trigger a meaningful market reaction.

Meanwhile, the upbeat market mood helps AUD outperform its rivals ahead of mid-tier data releases from the US. Major European equity indexes are up between 0.3% and 1% on Thursday and Wall Street looks to open modestly higher following the two-day rally.

Later in the session, the US Department of Labor's weekly Initial Jobless Claims data will be looked upon for fresh impetus. Furthermore, June Existing Home Sales and the Federal Reserve Bank of Chicago's National Activity Index will be featured in the US economic docket as well.

On Friday, the Commonwealth Bank's preliminary July Manufacturing and Services PMI reports will be released from Australia.

Technical levels to watch for

 

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