AUD/USD consolidates, awaiting fresh impetus in US data

Currently, AUD/USD is trading at 0.7403, up 0.07% on the day, having posted a daily high at 0.7407 and low at 0.7399.

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Despite a pick up in metals, the Australian dollar has been in consolidation of the recent post Trump-elect bearish trend from circa 0.7800 and a 500 pip decent to recent lows of 0.7310. The calendar is light in Asia while markets await key US core durable goods orders and the FOMC minutes that analysts at Westpac suggest should show comfort regarding growth and inflation, and again signal a December hike with more to follow in 2017. 

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The analysts offered in AUD/USD in a 1-3 month view as follows: 

"The US dollar has had an impressive rise since the US election and has potential to rise further, 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 0.72."

AUD/USD levels

Spot is presently trading at 0.7404, and next resistance can be seen at 0.7407 (Daily High), 0.7415 (Yesterday's High), 0.7417 (Weekly Classic PP), 0.7427 (Daily Classic R2) and 0.7471 (Daily Classic R3). Support below can be found at 0.7402 (Hourly 100 SMA), 0.7399 (Daily Open), 0.7399 (Daily Low), 0.7396 (Daily Classic R1) and 0.7391 (Hourly 20 EMA).