AUD/USD re-attempts hourly 100-SMA amid stronger USD

The Aussie stalled its overnight retreat and attempted a tepid-bounce, amid broad based US dollar strength, in a bid to regain hourly 100-SMA at 0.7380.

AUD/USD recovers above 5-DMA at 0.7371

Currently, the AUD/USD pair trades -0.09% lower at 0.7377, having found solid support at 0.7365 region.  The AUD/USD pair is seen making minor-recovery attempts and hovers near the upper bound of 0.73 handle, with sentiment buoyed somewhat by rallying copper prices. Copper futures on Comex rally +2.40% to $ 2.68/ pound, while both crude benchmarks peep into positive territory, consolidating yesterday’s bullish close.

However, the recovery lacks follow-through as the greenback continues to rule the roost on the back of hawkish FOMC minutes and upbeat US fundamentals. Going forward, the major will get influenced by the price-action across the commodities space and around the USD, as trade is expected to be light with the US closed on a Thanksgiving Holiday.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7399 (daily pivot) above which gains could be extended to the next hurdle located 0.7419 (10-DMA) and 0.7445 (Nov 23 high). On the flip side, the immediate support located 0.7353 (daily S1). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7325 (Nov 18 low) and below that at 0.7305 (multi-month lows).

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