AUD/USD is building on Tuesday’s gains, closes in on multi-year highs. USD struggles to find demand amid risk-positive market atmosphere. ADP Employment Change and Services PMI data will be featured in the US economic docket. The AUD/USD pair closed in the positive territory on Tuesday and preserved its bullish momentum on Wednesday. As of writing, the pair was trading at 0.7220, gaining 0.82% on a daily basis. AUD capitalizes on risk-on flows, upbeat data Earlier in the day, the data from Australia showed that the Commonwealth Bank’s Composite PMI came in at 57.8 in July’s final reading and showed expansion at a strong pace in the private sector’s economic activity. Additionally, Investment Lending for Homes surged by 8.1% in June after declining by 15.6% in May and provided an additional boost to the AUD. Meanwhile, the risk-on market mood on Wednesday is making it difficult for the greenback to find demand. Ahead of the ADP’s monthly Employment Change and the ISM’s Non-Manufacturing PMI data from the US, the US Dollar Index is down 0.38% on a daily basis at 92.90. However, the 10-year US Treasury bond yield, which lost more than 8% on Tuesday, is staging a decisive rebound and was last seen gaining 4.6% on the day. If the T-bond yields continue to push higher after the US data, the greenback could remain resilient against its peers and keep AUD/USD’s pair’s upside limited. There won’t be any macroeconomic data releases featured in the Australian economic docket on Thursday and the USD’s market valuation is likely to remain as the primary driver of AUD/USD’s movements. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US ADP Employment Change July Preview: Hiring caution to weaken the dollar FX Street 2 years AUD/USD is building on Tuesday's gains, closes in on multi-year highs. USD struggles to find demand amid risk-positive market atmosphere. ADP Employment Change and Services PMI data will be featured in the US economic docket. The AUD/USD pair closed in the positive territory on Tuesday and preserved its bullish momentum on Wednesday. As of writing, the pair was trading at 0.7220, gaining 0.82% on a daily basis. AUD capitalizes on risk-on flows, upbeat data Earlier in the day, the data from Australia showed that the Commonwealth Bank's Composite PMI came in at 57.8 in July's final reading and showed expansion… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.