AUD/USD oscillates at key support, target is set for 0.7200

Currently, AUD/USD is trading at 0.7386, up 0.00% on the day, having posted a daily high at 0.7390 and low at 0.7381.

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AUD/USD is oscillating around the key 0.7380 level in a consolidation of the greenback's strength on strong US data and analysts at Westpac have said that for the session ahead, the Aussie is vulnerable to falling below 0.7375 given the stronger US dollar. The Aussie was stable over the FOMC minutes, but Don't believe the hype, and get real: the Fed will not hike in December and here is why ...

The analysts at Westpac added a 1-3 month outlook for AUD/USD as follows: 

"The US dollar has had an impressive rise since the US election and has potential to rise further, not least because 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. We target 0.72."

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AUD/USD levels

Spot is presently trading at 0.7386, and next resistance can be seen at 0.7386 (Daily Open), 0.7390 (Daily High), 0.7393 (Daily Classic PP), 0.7400 (Hourly 20 EMA) and 0.7417 (Weekly Classic PP). Next support to the downside can be found at 0.7386 (Hourly 100 SMA), 0.7381 (Daily Low), 0.7373 (Yesterday's Low), 0.7370 (Daily Classic S1) and 0.7342 (Daily Classic S2).