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Forex pairs in this Article » AUD/USD (Barcelona) - The Aussie dollar is trading in the upper end of today's range, as risk appetite is gathering traction on Wednesday, ahead of the European open.

AUD was boosted at the very beginning of the Asian session after the Westpac Consumer Sentiment index jumped 5.2% in November, up from +1.0% in the previous print. Continuing with the data front, the Wage Price index rose 0.7% QoQ in the third quarter and 3.7% YoY. According to analyst Adrian Foster at Rabobank, "Wages growth has posed a bit of a medium term inflation threat through recent quarters and the RBA has highlighted the danger in some of their statements. It hasn't stopped them from cutting amidst the other factors on the radar. The latest reading will ease their concerns on medium term inflation threats but just as higher readings didn't stop rate cuts so too this lower reading won't prompt one".

At the moment, AUDUSD is up 0.15% at 1.0451 and a climb beyond 1.0480 (high Nov.7) would expose the psychological level of 1.0500
On the flip side, support levels lie at 1.0392 (low Nov.13) then 1.0358 (MA100d) and 1.0333 (low Nov.5).
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