AUD/USD recovers back to key resistance and bulls keen on 0.7500 target

Currently, AUD/USD is trading at 0.7473, up 0.36% on the day, having posted a daily high at 0.7496 and low at 0.7433.

AUD/USD reached a peak just shy of the 0.75 handle at 0.7492 overnight where offers ensued to force the major commodity currency back to 0.7446 lows and briefly testing the 23rd Nov ascending support line before recovering back to current levels. The focus has been with OPEC and the price of oil at the start of the week.  "The central problem is that Saudi Arabia cannot abide by sacrificing market share to other OPEC members, especially Iran, and Iran for its part cannot accept a freeze of output until it fully recovers from the embargo," explained analysts at Brown Brothers Harriman. WTI has recovered today within a range of $44.69 and $46.89.

Crude Oil: 12m target at $50/bbl – Goldman Sachs

Copper: 12m target $4,800/t – Goldman Sachs

AUD/USD levels

Current price is 0.7473, with resistance ahead at 0.7478 (Daily Classic R1), 0.7496 (Daily High), 0.7503 (Daily 20 SMA), 0.7508 (Weekly Classic R1) and 0.7509 (Daily Classic R2). Next support to the downside can be found at 0.7470 (Yesterday's High), 0.7460 (Hourly 20 EMA), 0.7454 (Daily Open), 0.7447 (Weekly High) and 0.7439 (Daily Classic PP).