AUD/USD consolidating on 0.74 handle in bears lair

Currently, AUD/USD is trading at 0.7408, up 0.35% on the day, having posted a daily high at 0.7422 and low at 0.7370.

DXY inter-markets: well supported at 100.70

AUD/USD is in consolidation of the aggressive sell off  in the US dollar's impressive rise since the US election. The greenback has potential to rise further during the months ahead on the back of the probability that the Fed will probably hike in December. "Against that, coal and iron ore are more likely to sustain their dramatic rises during the months ahead," argued analysts at Westpac who target 0.73. US data continues to impress this week with today's manufacturing beating expectations ahead of tomorrow's nonfarm payrolls.

US ISM Manufacturing PMI at 53.2 in November

AUD/USD levels

Current price is 0.7408, with resistance ahead at 0.7409 (Weekly Classic PP), 0.7419 (Daily Classic PP), 0.7421 (Hourly 200 SMA), 0.7422 (Daily High) and 0.7448 (Hourly 100 SMA). Next support to the downside can be found at 0.7399 (Hourly 20 EMA), 0.7383 (Weekly Low), 0.7382 (Daily Open), 0.7374 (Yesterday's Low) and 0.7370 (Daily Low).