AUD/USD consolidated awaiting Trump's inauguration

Currently, AUD/USD is trading at 0.7558, down -0.02% on the day, having posted a daily high at 0.7566 and low at 0.7556.

AUD/USD has been consolidating on the 0.75 handle with some two-way business ahead of Trump's inauguration tonight  while the USD rebounds have been dominating over the continuing support from recent bulk in commodity gains, as explained by analysts at Westpac, adding, "Solid support is likely in the 0.7430-50 area."  

AUD/USD 1-3 month: 

The analysts at Westpac explained that they are bearish in the medium term looking for AUD/USd to move below 0.7200. "The US dollar’s impressive post-election rally may have paused, but still has potential to rise further during the months ahead. The Fed’s assertive tightening bias plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar. Against that coal and iron ore are likely to sustain a good portion of their dramatic rises, and economic data for Q4 and Q1 should improve, but these forces are subservient to the US dollar’s trend. Australia’s AAA rating will remain an issue into the May budget."

AUD/USD levels

Current price is 0.7558, with resistance ahead at 0.7559 (Daily Open), 0.7563 (Monthly High), 0.7563 (Weekly High), 0.7563 (YTD High) and 0.7566 (Daily High). Next support to the downside can be found at 0.7556 (Daily Low), 0.7554 (Daily Classic R1), 0.7545 (Hourly 20 EMA), 0.7529 (Daily Classic PP) and 0.7520 (Hourly 100 SMA). 

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