AUD/USD holds second place on the lead

AUD/USD is second whereas the Canadian dollar holds first place on Wednesday in New York closing in the countdown just hours before Thursday’s Asian session’s key event that will reveal Australia’s jobs data for September.

At the closing bell, AUD/USD was 0.45% higher on the day at 0.7380 after moving from a low of 0.7323 to a high of 0.7381. The pair is just 24 pips off a 38.2% Fibonacci minor pullback of the 2021 continuous monthly bearish trend.

The AUD is picking up a bid as investors seek out commodities as a hedge against inflation and prospects for rising prices in iron raw material, and even higher liquefied natural gas and other energy related exports such as coal are going to serve the nation’s surplus balance and currency well.