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  • AUD/USD continues to push higher during the American session.
  • US Dollar Index slumps below 90.00 in the second half of the day.

The AUD/USD pair stayed relatively quiet around 0.7600 during the European trading hours but started to edge higher in the American session with the greenback staying under bearish pressure. As of writing, the pair was trading at its highest level in 10 days at 0.7624, gaining 0.63% on a daily basis.

USD selloff remains intact

Amid a lack of significant fundamental drivers and macroeconomic data releases, investors don’t seem to be finding a reason to stop selling the USD. The US Dollar Index, which tracks the greenback’s performance against a basket of six major currencies, is closing on the multi-year low it set at 89.73 on December 17 and was last seen losing 0.42% at 89.96.

On Wednesday, the Chicago Purchasing Managers’ Index, Pending Home Sales and Goods Trade Balance will be featured in the US economic docket. Investors are likely to ignore these data and trading conditions are expected to stay thin ahead of the New Year holiday.

Meanwhile, Wall Street’s main indexes are trading little changed on the day, suggesting that market participants remain on the sidelines.  

Technical levels to watch for