AUD/USD unable to hold the 0.76 handle as dollar bounces

Currently, AUD/USD is trading at 0.7531, down -0.05% on the day, having posted a daily high at 0.7540 and low at 0.7524.

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AUD/USd was unable to hold the 0.76 handle and has been drifting lower out of the consolidation area between 0.7550 and the highs at 0.7608. The greenback was in vogue again, where analysts at Westpac suggested that the USD was bought more broadly in what may be month-end/Chinese New Year repositioning., adding,"Resistance is likely at 0.7575 with risk of sliding towards solid support in the 0.7430-50 area."

AUD/USD 1-3 month: 

0.7400. The US dollar’s impressive post-election rally may have paused, but still has potential to rise further during the months ahead. The Fed’s assertive tightening bias plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar. Against that coal and iron ore are likely to sustain a good portion of their dramatic rises, and economic data for Q4 and Q1 should improve, but these forces are subservient to the US dollar’s trend. Australia’s AAA rating will remain an issue into the May budget.

AUD/USD levels

With spot trading at 0.7532, we can see next resistance ahead at 0.7533 (Weekly Classic PP), 0.7535 (Daily Open), 0.7535 (Weekly Low), 0.7540 (Daily High) and 0.7546 (Hourly 20 EMA). Support below can be found at 0.7525 (Daily Classic S1), 0.7524 (Daily Low), 0.7522 (Yesterday's Low), 0.7498 (Daily 100 SMA) and 0.7494 (Daily 200 SMA). 

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