AUD/USD: can drift higher for test of 0.75 handle

Currently, AUD/USD is trading at 0.7488, up 0.16% on the day, having posted a daily high at 0.7492 and low at 0.7475.

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AUD/USD is continuing to recover and has made fresh daily highs  while commodity prices underpin the correction of the Trump fuelled sell-off that has started to consolidate across the spectrum of markets and asset classes and the Aussie can drift higher, according to analysts at Westpac, especially given the US dollar has stalled. We target 0.7500+ today. 

AUD/USD 1-3 month outlook:

"The US dollar has had an impressive rise since the US election and has potential to rise further during the months ahead, not least because the Fed will probably hike in December. Against that, coal and iron ore are more likely to sustain their dramatic rises during the months ahead. We target 0.73,"  - analysts at Westpac.

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AUD/USD levels

Current price is 0.7489, with resistance ahead at 0.7492 (Daily High), 0.7496 (Yesterday's High), 0.7503 (Daily 20 SMA), 0.7508 (Weekly Classic R1) and 0.7509 (Daily Classic R2). Next support to the downside can be found at 0.7478 (Daily Classic R1), 0.7478 (Daily Open), 0.7478 (Weekly High), 0.7475 (Daily Low) and 0.7472 (Hourly 20 EMA).