AUD/USD has fallen back to 50-hour SMA support

• 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