AUD/USD up for a look in at 0.75 ahead of RBA

Currently, AUD/USD is trading at 0.7489, up 0.49% on the day, having posted a daily high at 0.7500 and low at 0.7413.

AUD/USD is up to challenge the 0.75 handle in an extension of the upside from the 0.7308 drift and strong correction of 7th Nov sell-off from 0.7770 region. The risk is on today and the EUR has led the way, squeeze shorts leading to a softer greenback despite positive US non-manufacturing data earlier. The markets will now focus on the RBA decision today and statement while the main event will come from the FOMC next week. RBA expected to hold while Fed expected to hike.

AUD/USD levels

Spot is presently trading at 0.7487, and next resistance can be seen at 0.7500 (Daily High), 0.7510 (Weekly Classic R1), 0.7511 (Daily Classic R2), 0.7528 (Daily 200 SMA) and 0.7550 (Daily Classic R3). Support below can be found at 0.7483 (Weekly High), 0.7480 (Daily Classic R1), 0.7478 (Daily 20 SMA), 0.7471 (Yesterday's High) and 0.7447 (Daily Open).