• AUD/ USD fell sharply on Wednesday as dollar rebounded strongly following former President Donald Trump's early lead over Vice President Kamala Harris in the US presidential race
• Betting websites started to favour Trump over Harris for the nation's top job, which sent Treasury yields to three-month peaks and the U.S. dollar up 1.6% against its peers.
• Trump has vowed to impose a 10% tariff on imports from all countries and 60% duties on Chinese imports. In the run-up to the election.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 37.
• Immediate resistance is located at 0.66580(38.2%fib), any close above will push the pair towards 0.6644(50%fib).
• Support is seen at 0.6515(23.6%fib) and break below could take the pair towards 0.6500(Psychological level ).
Recommendation: Good to sell around 0.6530 with stop loss of 0.6100 and target price of 0.6460
