AUD/USD capped at key 0.76 handle

Currently, AUD/USD is trading at 0.7588, up 0.19% on the day, having posted a daily high at 0.7604 and low at 0.7573.

AUD/USD has been testing the upside for a break of the 0.76 handle overnight and in early Asia as the greenback falls out of favour on continued uncertainties around Trump and some jawboning of the currency from U.S. Treasury Mnuchin: "Excessively strong" USD may be negative in the short term.

However, despite USD’s general slide, AUD/USD struggled and could not push to 0.7600, noted analysts at Westpac adding, "Short term rising support lies at 0.7535 with more solid support in the 0.7430-50 area." 

AUD/USD 1-3 month: 

The analysts are targetting a break below 0.7400. "The US dollar’s impressive post-election rally may have paused, but still has potential to rise further during the months ahead. The Fed’s assertive tightening bias plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar. Against that coal and iron ore are likely to sustain a good portion of their dramatic rises, and economic data for Q4 and Q1 should improve, but these forces are subservient to the US dollar’s trend. Australia’s AAA rating will remain an issue into the May budget."

AUD/USD levels

Current price is 0.7588, with resistance ahead at 0.7589 (Daily Classic R1), 0.7590 (Yesterday's High), 0.7604 (Daily High), 0.7609 (Weekly Classic R1) and 0.7626 (Daily Classic R2). Next support to the downside can be found at 0.7574 (Daily Open), 0.7574 (Monthly High), 0.7574 (Weekly High), 0.7573 (Daily Low) and 0.7571 (Hourly 20 EMA).