- AUD/USD jumps to daily tops near 0.7760.
- Risk appetite wakes up and lifts the pair.
- Markets’ focus is now on Biden’s speech and probable announcements.
The sudden drop in the greenback lifts AUD/USD to the area of daily/weekly highs around 0.7760 on Wednesday.
AUD/USD looks to risk trends, Biden
AUD/USD adds to Tuesday’s gains and now navigates 3-day highs near 0.7760 following the moderate improvement in the risk complex.
In fact, the weakness surrounding the dollar has accelerated as Inauguration Day is under way and ahead of the speech by President Biden later in the session.
In the domestic docket, the Consumer Sentiment gauged by Westpac deteriorated to -4.5 for the current month. Moving forward, the December’s labour market report is due on Thursday, with the jobless rate expected to ease to 6.7%.
AUD/USD levels to watch
At the moment the pair is advancing 0.63% at 0.7741and a break above 0.7760 (weekly high Jan.20) would aim for 0.7820 (2021 high Jan.6) and finally 0.8000 (psychological level). On the downside, immediate contention emerges at 0.7658 (weekly low Jan.18) seconded by 0.7642 (2021 low Jan.4) and then 0.7492 (55-day SMA).