AUD/USD rebounds in tandem with Copper

The bulls stormed back into the bids in late-Asia, triggering a solid recovery in AUD/USD back beyond 0.76 handle

AUD/USD regains 100-DMA at 0.7602

Currently, the AUD/USD pair rises +0.08% to 0.7616, having posted daily tops at 0.7629 some minutes ago. The Aussie halted its sudden downward spike just ahead of 200-DMA and staged a solid comeback from there, mainly in response to resumption of the rally in copper prices. Copper prices jumped 4% to fresh 16-month highs on Trump’s victory-led infrastructure hopes.

While weaker tone seen behind the US dollar against its main rival also exerted bullish pressure on AUD/USD. Meanwhile, the USD index drops -0.13% to 98.66 level, retreating from 98.93 highs.

All eyes now remain on next week’s Chinese data dump and Australian labour market report for next direction on the major. In the meantime, the US consumer sentiment and Fed speak will be eyed for any fresh USD-move.

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 (Nov 8 high). On the flip side, the immediate support located 0.7560 (daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7540 (200-DMA) and below that at 0.7500 (round figure).