AUD/USD grinding upwards, targeting 0.79

• AUD/USD climbing on risk appetite.
• Housing starts data due tomorrow.

AUD/USD has continued to grind higher through Asia, touching 0.7880 ahead of the European markets.

The Aussie is lifting purely on risk appetite, market sentiment driving the US Dollar lower as traders seeking higher-yielding assets, bidding up commodities and equities.

The Australian economy's growth figures are lagging behind global competitors, and economic data for the island country continuing to come out mixed in the face of restrained wage growth and untenable levels of household debt. The Reserve Bank of Australia (RBA) is forced to stand pat, waiting for signs of improved structural growth with markets widely expecting the central bank to hold off on rate increases well into 2020.

Australian New Home Sales are slated to come out on Tuesday, and a positive reading will be a welcome sign for both the RBA and AUD bulls, with the previous reading coming in at 0.7%.

AUD/USD Technicals

Today's current bidding sees the pair set to challenge the 34 EMA after falling into support from the 200-day SMA. H4 charts show the pair receiving support from a rising trendline, and support priced in from 0.7829 and 0.7804, with resistance above from 0.7892 to 0.7935.