AUD/USD: focus on commodities and weaker dollar supporting the bid

Currently, AUD/USD is trading at 0.7681, down -0.12% on the day, having posted a daily high at 0.7692 and low at 0.7639.

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AUD/USD is threatening the upside at the resistance of 0.7680 on a second attempt on the session, eyeing the 0.77 handle. The focus has shifted back to positive commodities with copper rallying from 2.59 to 2.64 today and iron ore has bene on the bid as well following lower prices of iron weighing on the Aussie.  The relative hawkishness of the RBA may come back into play and support the Aussie while the greenback continues to struggle below the 100.00 mark. While Trump's conviction wears out during his first 100 days and hopes for sweeping tax cuts and fiscal spending dwindle, so too does the dollar's strength and is supportive of EM's and the commodity bloc.

AUD/USD levels

Bullish print added to the AUD/USD chart

AUD/USD's high overnight at 0.7740/78 resistance area was made up of the February and November 8th highs. The 2017 support line at 0.7553 is the adjacent bearish target for the near term. If a base is building above the 0.75 handle, there is scope for the April 2016 high at 0.7836 in the near term where there is a fibo 38.2% retracement. The ma's are bullish at 0.7650 and the 20 sma on the 4hr chart is located at 0.7701.