AUD/USD: bearish on medium-term time frame, can bulls cross 0.7500 today?

Currently, AUD/USD is trading at 0.7479, down -0.01% on the day, having posted a daily high at 0.7482 and low at 0.7478.

The greenback has been offered overnight and has enabled a comeback in the Aussie, targeting 0.75 handle and the fib resistance where it has failed on a number of occasions already. Iron ore prices have also given the Aussie a boost, but the upside is limited on a technical basis unless it can get over the line and cross over the 200 sma on the 4hr sticks. Catalysts could come in the Australia's trade balance and China's trade surplus ahead of the ECB.

AUD/USD 1-3 month bearish outlook:

Analysts at Westpac offered a one-three month outlook for the Aussie, taking note of the US dollar's impressive rise since the US election that the analysts said 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."

AUD/USD levels

With spot trading at 0.7479, we can see next resistance ahead at 0.7480 (Daily Open), 0.7482 (Daily High), 0.7485 (Yesterday's High), 0.7486 (Daily Classic R1) and 0.7510 (Weekly Classic R1). Support below can be found at 0.7478 (Daily Low), 0.7476 (Daily 20 SMA), 0.7472 (Weekly High), 0.7458 (Daily Classic PP) and 0.7458 (Hourly 20 EMA).