AUD/USD supported on metals and Trump's victory

Currently, AUD/USD is trading at 0.7643, down -0.22% on the day, having posted a daily high at 0.7663 and low at 0.7632.

Trump's victory: Implications for the FOMC - Westpac

AUD/USD is consolidated of the 0.76 handle and the Trump victory u-turn in the markets catching much of the participants wrong-footed. The markets have turned around after Trump's victory of the US elections after initially playing out as expected only to recover when liquidity hit in London and kept recovering throughout the overnight sessions. Instead of running for cover, markets are bullish on Trumps protectionist reforms that are ultimately inflationary for the US economy.  However, his policies will not come into effect overnight and will likely evolve over a period of time, so there is scope still for volatility initially as he takes up the helm. Fed tightening risks have strengthened? - Scotiabank

For the Aussie, commodity prices have been supportive with copper that has been up about 10% over the past wee with nickel that has reached a 15-month high and iron ore touched the highest since October of 2014 this week as well.

AUD/USD levels

With spot trading at 0.7645, we can see next resistance ahead at 0.7652 (Weekly Classic PP), 0.7654 (Daily 20 SMA), 0.7660 (Daily Classic S2), 0.7660 (Weekly Low) and 0.7661 (Daily Open). Support below can be found at 0.7632 (Daily Low), 0.7630 (Daily Classic S3), 0.7606 (Weekly Classic S1), 0.7588 (Daily 100 SMA) and 0.7580 (Yesterday's Low).