AUD/USD: testing the 200 dma at 0.7539, lows scored at 0.7523

Currently, AUD/USD is trading at 0.7534, down -0.14% on the day, having posted a daily high at 0.7567 and low at 0.7524.

AUD/USD has been subsequent of Trump's conciliatory acceptance speech that went a long way towards placating anxious markets who took encouragement and have subsequently focused on Trump's election policies of greater fiscal expansion (an infrastructure boom “second to none”) and less regulation, as explained by analysts at ANZ, adding, "The anticipated policy mix of less monetary stimulus/looser fiscal policy has superseded earlier anxiety and has supported a stronger dollar and higher bond yields. What the degree of stimulus will be remains unknown and markets will need clarification in order to propel them further on this theme." 

Yellen to testify, major event, to run hot or not, thai is the question? - BTM

The way the markets are reacting, AUD/USD has the potential to drop towards 0.74 if the Fed tightens in December, but much will in fact depend before then on Yellen's testimony this week and whether she hints that the Fed will continue to run hot for a while, despite Trumps rhetoric. US: What would it take for the Fed not to hike in December? - TDS 

Commodity prices will also be a key focus from here on while  we are seeing sharp turnarounds and volatility in industrial metals such as iron ore, copper and also energy, specifically coal prices of late. 

AUD/USD levels

AUD/USD outlook shifted to bearish – UOB

With spot trading at 0.7536 and just beow the 200 dma at 0.7539, we can see next resistance ahead at 0.7539 (Daily Open and 200 dma), 0.7545 (Monthly Low), 0.7545 (Weekly Low), 0.7551 (Hourly 20 EMA) and 0.7567 (Daily Classic PP). Support below can be found at 0.7525 (Yesterday's Low), 0.7524 (Daily Low), 0.7506 (Daily 200 SMA), 0.7503 (Daily Classic S1) and 0.7461 (Daily Classic S2).