Following the announcement of the Business Confidence Survey data from the National Australia Bank on Thursday, the Australian Dollar (AUD) inched higher against the US Dollar (USD) by more than 0.7300.
Business Confidence survey news helped the AUDUSD pair move higher. FXStreet.com reported a 17 in the second quarter of the year, which is lower than the previous quarter’s reading of 19 and falls short of experts’ expectations of 21.
The National Australia Bank Business Confidence Index is an assessment of Australia’s current business climate. It depicts the short-term performance of the Australian economy as a whole. Positive economic growth forecasts bullish AUD movements.
At the time of writing, the Australian dollar is trading at 0.7383. As a backend of the price, the pair has a few support levels that help the pair move forward and keep the price stable up to those levels.
Whereas the US Department of Labor released the Initial Jobless Claims, which as FXStreet.com source, registered a reading of 419 K this month relative to 350 K, the projection of economists.
A higher-than-expected number signals market weakness, which has an impact on the health and direction of the US economy.
It provokes the hope that AUDUSD might continue its forward momentum.
For a short-term position, selling AUDUSD may be a preferable option. However, it may see a reversal at 0.7457 and begin to rebound. If this occurs, a long-term trading pair produce positive results.