AUD/USD: bulls making a correction, testing 0.74 handle

Currently, AUD/USD is trading at 0.7391, up 0.37% on the day, having posted a daily high at 0.7415 and low at 0.7364.

AUD/USD bulls are enjoying a break from sheer dollar dominance and 0.7400 was penetrated in a minor correction of the broader bearish trend. However, perhaps markets are starting to out-price a Fed hike in December and subsequent follow through while the Trump hype subsides on the back uncertainty. The commodity bloc is finding a tough time in its correction and WTI has dropped back below the $47 handle while the S&P also remains fragile and off the new all time highs today falling back below 2200. 

Don't believe the hype, and get real: the Fed will not hike in December and here is why ...

AUD/USD levels

Current price is 0.7391, with resistance ahead at 0.7396 (Daily Classic R1), 0.7405 (Hourly 100 SMA), 0.7415 (Daily High), 0.7417 (Weekly Classic PP) and 0.7427 (Daily Classic R2). Next support to the downside can be found at 0.7388 (Hourly 20 EMA), 0.7384 (Yesterday's High), 0.7364 (Daily Open), 0.7364 (Daily Low) and 0.7352 (Daily Classic PP).