• AUD/USD pair declined on Tuesday as the pair was weighted down after dollar rose across the board after unexpectedly strong data on U.S. October retail sales.
   
• The greenback was also lifted in the wake of a higher inflation outlook under the administration of President-elect Donald Trump.
   
• Trump has vowed to increase infrastructure spending to boost the economy, a move that would stoke inflation. Rising inflation tends to erode bond prices, pushing yields higher.
   
• The currency pair is trading around 0.7543 levels, it is set to decline further towards 0.7500 later towards 0.7450 levels in the short term.
   
• To the upside, immediate resistance can be seen at 0.7553, a break above this level would take the pair towards next resistance level at 0.7609.
   
• To the downside, immediate support can be seen at 0.7500, a break below this level will open the door towards next level at 0.7432.​
  
  Resistance Levels
  
  R1: 0.7553(50% Retracement level)
  
  R2: 0.7609 (61.8% Retracement level)
  
  R3: 0.7694 (Oct 10th  high)​
  
  Support Levels
  
  S1: 0.7500 (38.2% Retracement level)
  
  S2: 0.7432 (23.6% Retracement level)
  
  S3: 0.7400 (Psychological levels)