AUD/USD drops despite OPEC unofficial announcements from RTS

Currently, AUD/USD is trading at 0.7416, down -0.88% on the day, having posted a daily high at 0.7499 and low at 0.7411.

AUD/USD is offered, despite the turnaround in demand and the price of all taking off. The greenback is strong across the board on the back of the robust data and higher PCE year on year as the Fed's prefered inflation measure. The GDP data was also robust and that is now two out of three so far as we await the nonfarm payrolls at the end of the week. Markets have 100% price din a Fed hike in Dec - deja vu of Dec 2015.

For tonight in Asia, we awaite Aussie Capex and Chinese manufacturing data, but for the mean time, the focus is on oil. WTI has rallied from $44.61 lows of yesterday to $48.71 highs today as OPEC, according to Reuters, has pulled off an accord, "OPEC agrees first output cut since 2008, Saudis to take 'big hit'" - (Reuters)

"The source said the Organization of the Petroleum Exporting Countries had on Wednesday agreed on a proposal by member Algeria to reduce production by around 4.5 percent, or about 1.2 million barrels per day," - (Reuters).

UAE, Kuwait & Qatar seen cutting output by combined total of 300k bpd approx -  (Reuters)

AUD/USD levels

Current price is 0.7417, with resistance ahead at 0.7417 (Hourly 200 SMA), 0.7433 (Yesterday's Low), 0.7444 (Daily Classic S1), 0.7453 (Hourly 100 SMA) and 0.7463 (Hourly 20 EMA). Next support to the downside can be found at 0.7411 (Daily Low), 0.7409 (Weekly Classic PP), 0.7405 (Daily Classic S2), 0.7386 (Weekly Low) and 0.7377 (Daily Classic S3).