AUD/USD: Struggles to extend recovery above 10-DMA

The bulls ran into resistance placed just shy of 10-DMA (0.7675), and stall the recovery seen in the AUD/USD pair from near 0.7620 region.

AUD/USD hold above 0.7650 – 20-DMA

Currently, the AUD/USD pair rises +0.41% to 0.7667, hovering close to fresh session highs of 0.7671. The Aussie has entered into a consolidative mode as we head into early Europe, with rebounding metals’ prices providing limited incentive to the ongoing minor-recovery attempts. Iron-ore prices rallied 9%, copper jumps +2.60%, while gold prices rose almost 1% in the Asian session.

On Wednesday, the AUD/USD pair dropped to fresh weekly lows at 0.7580 on uncertainty over a Trump win, however, managed to recover almost entire losses and rebounded sharply as risk appetite returned post-US elections.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7700 (zero figure) above which gains could be extended to the next hurdle located 0.7750 (psychological levels) and 0.7778 (yesterday’s high). On the flip side, the immediate support located 0.7650 (20-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7603 (100-DMA) and below that at 0.7580 (weekly low).

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