Currently, AUD/USD is trading at 0.7504, up 0.78% on the day, having posted a daily high at 0.7520 and low at 0.7430.
AUD/USD has made fresh territory on the 0.75 handle in a continuation of the sell-off in the greenback while the DXY breaks below the 101 handle to daily lows. The US dollar is being unwound after last year's hysteria over Trump and the Fed.
Analysts at Brown Brothers Harriman suggested that the main consideration appears to be the further unwinding of positions as no more details of the new administration's policies were provided. "The Dollar Index fell it its lowest level since December 14, the day the Fed hiked rates. The US 10-year bond yield reached almost 2.3% today. That is the lowest yield since November 30. The two-year yield has slipped to 1.14%, its lowest level in about a month."
With spot trading at 0.7505, we can see next resistance ahead at 0.7520 (Daily High), 0.7545 (Daily Classic R2), 0.7579 (Weekly Classic R3), 0.7616 (Daily Classic R3) and 0.7813 (Annual High). Support below can be found at 0.7503 (Daily 100 SMA), 0.7501 (Daily 200 SMA), 0.7498 (Monthly High), 0.7495 (Daily Classic R1) and 0.7476 (Hourly 20 EMA).