AUD/USD looks to be shifting to a higher range before January's change of occupant in the White House, after finally vaulting the 0.7350 resistance level on Tuesday.

Offers ahead of 0.7350 capped AUD/USD gains for a fortnight from Nov.
9 (after Pfizer's COVID-19 vaccine news), having previously kept a lid on mid-September gains.

Tuesday's break above 0.7350 was fuelled by a rise in risk appetite after the way was cleared for U.S. President-elect Joe Biden's transition to the White House. nL1N2I914C.
The AUD is seen as a liquid proxy for risk appetite.

Some short AUD/USD positions were closed out on the break above 0.7350: Friday's CFTC data showed IMM speculators remained net AUD short in the week to Nov.
17, having flipped from net AUD long to short in the week to Nov.
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0.7350 is half a cent below the mid-point of the AUD/USD range from the start of 2016 to the end of 2019, with the traded high over that four-year period, 0.8136, among bull targets.

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