AUD/USD edged higher but upside limited

The Australian dollar edged higher against the greenback on Tuesday, as the US currency pulled back versus majors competitors amid profit-taking following its recent rally triggered by US elections outcome.

AUD/USD climbed to a high of 0.7580 during the Asian session but lacked follow through and entered a consolidation phase over the last hours. At time of writing, the pair is trading at 0.7560, still up 0.13% on the day.

On the data front, retail sales and the Empire State manufacturing survey are due during the New York session.   

AUD/USD levels to watch

As for technical levels, AUD/USD could find next supports at 0.7523 (Nov 14 low), 0.7509 (200-day SMA) and 0.7475 (Sep 16 low). On the other hand, resistances are seen at 0.7592 (100-day SMA), 0.7610 (50-day SMA) and 0.7629 (Nov 11 high).

To learn more about this topic, check our video analysis:

AUDUSD from Tip TV Productions on Vimeo.