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  • Aussie dollar revisited the 50-hour SMA support a few minutes before press time on falling prospects of a Democratic House.
  • The technical bias is bullish courtesy of the upside break of the long-term falling trendline.

The Aussie dollar is currently trading at 0.7226 – down 0.25 percent on the day – having hit a session high of 0.7258.

The decline from the session highs to could be attributed to the falling probability of a Democratic House.

The probability of the Dems taking control of the House has dropped sharply from 90 percent to 50 percent in the last 60 minutes. As a result, the greenback recovered lost ground, pushing the AUD/USD back to the 50-hour simple moving average (SMA) support of 0.7216.

The SMA support is still intact, possibly because the House forecast has ticked back up slightly in favor of Democrats in the last five minutes.

Technically speaking, the AUD is looking north, having convincingly breached the nine-month-long falling trendline earlier this month.  

AUD/USD Technical Levels

AUD/USD

Overview:
       Last Price:  0.7232
       Daily change:  7.0  pips
       Daily change:  0.0969%
       Daily Open:  0.7225
Trends:
       Daily SMA20:  0.7118
       Daily SMA50:  0.7161
       Daily SMA100:  0.7268
       Daily SMA200:  0.7483
Levels:
       Daily High:  0.7243
       Daily Low:  0.7204
       Weekly High:  0.726
       Weekly Low:  0.705
       Monthly High:  0.724
       Monthly Low:  0.702
       Daily Fibonacci 38.2%:  0.7228
       Daily Fibonacci 61.8%:  0.7219
       Daily Pivot Point S1:  0.7205
       Daily Pivot Point S2:  0.7186
       Daily Pivot Point S3:  0.7167
       Daily Pivot Point R1:  0.7244
       Daily Pivot Point R2:  0.7263
       Daily Pivot Point R3:  0.7282