Weaker Dollar Sees AUD/USD Hold Recent Gains

AUD/USD last down slightly on the session but still not far off session highs hit in the US session on Tuesday. The pair last down 6 pips at 0.7554, yesterday's high was 0.7572.

• The move higher in the pair was led by a move lower in the US dollar which touched a two year low as hopes for a stimulus package increased after Senate Majority Leader McConnell acknowledged Biden as the President-elect and said the Senate would not adjourn for the year without a relief package.
• Data earlier in the session was largely ignored, Westpac leading index for November rose to 0.46% on a monthly basis, the previous was a revised 0.3%.
• From a technical perspective AUDUSD is holding onto recent gains and remains bullish. The Dec 2 break of 0.7414, Sep 1 high and former key resistance confirmed a resumption of the uptrend that began Mar 19. Moving average studies are also in a bull mode highlighting current sentiment. The focus is on 0.7583, the Jun 14, 2018 high and 0.7638, a Fibonacci retracement. Key short-term support is at 0.7373, Dec 7 low. Initial support lies at 0.7507 and 0.7427