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  • AUD/USD wobbles in the middle of a 44-pip range marked on Tuesday.
  • Upbeat Aussie data, vaccine hopes fail to extend the previous north-run.
  • Trade headlines, Sino-US tussle, Trump’s efforts to keep the White House and virus woes play their roles.
  • Aussie Westpac Consumer Confidence can offer immediate direction, US holiday to limit market moves.

AUD/USD takes round to 0.7275/80 as Asia-Pacific traders prepare for Wednesday’s trading. The aussie pair trades sideways, amid mixed headlines, following its uptick to the mid-September highs portrayed on Monday.

No clear direction…

Be it a mixed closing of Wall Street benchmarks or nearly unchanged US 10-year Treasury yields, everything suggests traders’ dilemma following the hopes of the coronavirus (COVID-19) vaccine. Also challenging the mood could be the Fed’s cautious optimism and trade/political news.

Although Moderna is likely to join the league of Pfizer-BioNTech, per US Health Official Dr. Anthony Fauci, news that China’s Sinovac trials have been stopped in Brazil due to a volunteer’s death probed the bulls. Also, fears that the COVID-19 will get worrisome enough, even if the vaccine arrives in early 2021, to roil the developed economies offered an additional burden on the risks. The latest virus updates from the US and Europe have been worrisome while suggesting the death tolls reaching the early-pandemic era.

Elsewhere, US sanctions on four Chinese diplomats, over the Hong Kong Security Bill crackdown, join American President Donald Trump’s push to block and challenge election results to confuse optimists. It should also be noted that Europe’s trade tariff on the US goods worth $4 billion and mixed data from Australia and China, namely the National Australia Bank’s sentiment gauges and China inflation, offered extra tension to the AUD/USD traders seeking clarity over the moves.

Looking forward, the US bond markets’ holidays due to Veterans Day will offer an additional limit on the moves. Though, Westpac Consumer Confidence for November, expected 3.8% versus 11.9% prior, can join the risk catalysts to keep the Asian session active.

Technical analysis

A 100-pip area between 0.7345 and 0.7245 becomes decisive to watch. While a horizontal zone comprising August-end low and highs marked afterward, around 0.7340/45, becomes a tough nut to crack for the AUD/USD bulls, the October high near 0.7245 restricts short-term downside.