AUD/USD eyes a test of the 0.77 handle

Currently, AUD/USD is trading at 0.7689, up 0.14% on the day, having posted a daily high at 0.7697 and low at 0.7666.

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AUD/USD has been on the bid in a broad based sell-off in the dollar again and despite positive data. Data from the US has been mixed with a miss in the GDP but strong confidence in the US.

US flash Q4 GDP at 1.9%

The Aussie has been consolidating for the best part of the week so far after dropping back from recent highs although balanced commodities, especially in Gold on safe haven flows, support the Aussie.  The main event for markets is Trump's address later to Congress and price action may remain subdued as investors now take a back seat until the event. 

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AUD/USD levels

AUD/USD It is approaching the 0.77 handle after a spike through the hourly 20 and 50 sma's on this move from the 200 smoothed sma on the same time frame. Up ahead lies the 0 0.7778/0.7850 2016 highs and the 38.2% retracement as a strong resistance level and target. It remains immediately bid near term above the 20 day sma at 0.7670 offers a strong supporting platform guarding 0.7595/15.