AUD/USD takes off on broad dollar sell-off

Currently, AUD/USD is trading at 0.7244, up 0.47% on the day, having posted a daily high at 0.7248 and low at 0.7208

AUD/USD is again testing the descending 200 sma on the 1hr sticks at 0.7224 where price had been in a bullish drift as the dollar makes frsh 1-week lows across a basket of majors in the DXY. Just in the last moments, the Aussie smached that barrier and is stelled above the level. However, the market could well stamp all over the pair as 2017 turns up given the downturn in the Australian economy shown in the third quarter GDP as a contraction with speculation that a 'chilled out' RBA may have to think twice about their vacation time and cut it short, along with its rates in 2017. 

AUD/USD levels

With spot trading at 0.7245, we can see next resistance ahead at 0.7248 (Daily Classic R2), 0.7248 (Daily High), 0.7273 (Daily Classic R3), 0.7273 (Weekly Classic R1) and 0.7313 (Daily 20 SMA). Support below can be found at 0.7225 (Yesterday's High), 0.7217 (Weekly Classic PP), 0.7215 (Daily Classic R1), 0.7215 (Hourly 200 SMA) and 0.7211 (Daily Open). 

Ready for 2017?