AUD/USD in bearish territory, but slightly bid in sleepy holiday markets

Currently, AUD/USD is trading at 0.7194, up 0.02% on the day, having posted a daily high at 0.7199 and low at 0.7173.

AUD/USD is a slight bid during the lull between Xmas and New Year, making a minor correction of the pre Xmas offer last week in an extension of the broader downtrend from the middle of Dec business as well as the 2013 bear trend from 1.0600.

The focus when markets return will be on the RBA and Trump and both have the ability to mark out a direction for the first quarter in the Aussie after a terrible third quarter 2016 and a rise in the greenback on the FOMC and Trump's proposed policies.

AUD/USD levels

Spot is presently trading at 0.7194, and next resistance can be seen at 0.7195 (Daily Classic PP), 0.7199 (Daily High), 0.7209 (Hourly 100 SMA), 0.7217 (Weekly Classic PP) and 0.7228 (Daily Classic R1). Next support to the downside can be found at 0.7193 (Daily Open), 0.7189 (Hourly 20 EMA), 0.7175 (Monthly Low), 0.7175 (Weekly Low) and 0.7173 (Daily Low).