AUD/USD bears remain in control to fresh lows on strong USD flows

With spot trading at 0.7323 at the time of writing, AUD/USD is making fresh lows in the dollar strength that continues at the start of this week. 

The economic data has not been taken kindly by the aussie with the recent Australian October employment report that came in worse-than-expected, with the employment change at +9.8k vs +20k exp and -9.8k prior. However, that has not made a significant difference to the markets outlook towards the RBA at this stage that remain on hold. Next in focus again will the picture of inflation and CPI's, but for the man time, it still really is all about the greenback post 8th Nov Trump's election. 

The question everyone is asking? - Rabobank

"We have little doubt that the world is shifting into a new paradigm where politics and fiscal policy will gain far more prominence," explained analysts at ANZ, adding, "Markets are indeed behaving that way already as the ‘Trump- trade’ of higher yields and USD remains the centre-piece of market moves. Markets are hanging out for any news-flow and detail on the US President- elect’s policies and key appointments (with commentators noting the announcements over the weekend are certainly at the more ‘extreme’ end of the scale) and speculating on the economic consequences."

Russia's Putin sees high probability of oil freeze

AUD/USD levels

The recent break below the significant 0.7443 September low has opened the doors for a continuation for 0.7146 and the May low. "We view the market as having topped and eventually we expect a slide back to the 0.6828 January low," explained analysts at Commerzbank, adding, " Initial resistance lies at 0.7443 ahead of 0.7516 (200 day ma), while capped here it remains immediately offered...Intraday Elliot wave counts are suggesting that rallies will now struggle circa 0.7525."