FxWirePro: AUD/USD tests 0.72 handle, US dollar selling across the board and rebound in copper prices support

AUD/USD chart on Trading View used for analysis

• AUD/USD edges marginally higher to test 0.72 handle, intraday bias remains neutral.
   
• Fresh US dollar selling across the board and a rebound in copper prices supporting upside in the pair.
   
• However, upside likely to be limited as traders remain cautious as we head into the Fed rate decision.
   
• Focus also on Australia employment report (due Thursday). Australia’s employment change for the month of November is expected to come in lower at 20.0K, from 32.8K in October.
   
• Technical studies are still biased lower, with no major signs of reversal.
   
• The pair is struggling at 0.72 handle from the past few sessions and we see any meaningful upside only above 21-EMA.
   
• Rejection at 0.72 handle will see resumption of weakness and dip till 78.6% Fib at 0.71 then likely.

Support levels - 0.7163 (61.8% Fib), 0.71 (78.6% Fib and psychological support)

Resistance levels - 0.7198 (50-DMA), 0.7222 (21-EMA), 0.7251 (38.2% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.