AUD/USD: testing firm resistance aheda of 0.7500 before key data coming up

Currently, AUD/USD is trading at 0.7483, up 0.05% on the day, having posted a daily high at 0.7489 and low at 0.7474.

AUD/USD is probing the upside and a level that it has failed at continuously since its first attempt since late November. The market has been backing the US dollar since Trumps victory and on the basis that the Fed is likely to hike in December and these weigh on the currency that can't catch continued bid with any conviction on the back of coal and iron ore's uptrend.

For today, while we are in a void ahead of next week's FOMC, we await the China's trade surplus and Australia's trade balance as the next catalysts. "Australia's trade balance should be nearing a surplus in Oct thanks to higher prices, particularly for coal...China's trade surplus is estimated to have shrunk slightly, both exports and imports higher," explained analysts at Westpac.

AUD/USD levels

Current price is 0.7483, with resistance ahead at 0.7485 (Yesterday's High), 0.7486 (Daily Classic R1), 0.7489 (Daily High), 0.7510 (Weekly Classic R1) and 0.7512 (Daily Classic R2). Next support to the downside can be found at 0.7480 (Weekly High), 0.7480 (Daily Open), 0.7476 (Daily 20 SMA), 0.7474 (Daily Low) and 0.7464 (Hourly 20 EMA).