AUD/USD erases early gains

AUD/USD failed to sustain intraday gains and retraced its early advance over the last hours to trade flat ahead of the Wall Street opening.

An improvement in market sentiment Thursday, saw stocks and commodities perform better, but the mood is still fragile as investors continue to assess the implications of Trump being elected the 45th US president.

AUD/USD reached a daily peak of 0.7741 before pulling all the way back to the 0.7630 zone where it is currently trading, virtually unchanged since opening.

AUD/USD levels to watch

As for technical levels, next supports are seen at 0.7579 (Nov 9 low), 0.7505/01 (Oct 28 low/200-day SMA) and 0.7441 (Sep 13 low). On the flip side, resistances line up at 0.7662 (10-day SMA), 0.7741 (Nov 10 high) and 0.7777 (Nov 8 high).