- Broad-based retreat in the US dollar supported the upmove in the AUD/USD
- Aussie also boosted by rebound across the commodities space.
- But upside failed to gain traction, AUD/USD failed to retake 5-DMA which is capping upside in the pair.
- Technical indicators have a slightly bearish bias. Bearish invalidation only on decisive break above 5-DMA at 0.7578.
- Major support levels - 0.7550 (1H 20-SMA), 0.7525 (trendline), 0.7506 (Oct 13 low)
- Major resistance levels - 0.7578 (5-DMA), 0.7608 (Oct 28 high), 0.7634 (20-DMA)
Recommendation: Good to sell rallies around 0.7575/85, SL: 0.7635, TP: 0.7525/ 0.75/ 0.7485
