AUD/USD climbs higher to test 20-DMA

The AUD/USD pair regained fresh bids and jumped to fresh session highs beyond 0.75 handle, hitting the highest levels since the release of FOMC statement late-Wednesday.

AUD/USD tracks Copper higher

Currently, the AUD/USD pair trades +0.52% higher at fresh session highs of 0.7531, having found renewed bids near 0.7508 region. The Aussie keeps its overnight upbeat momentum intact and surpasses post-FOMC highs this session, in response to a solid performance seen across the commodities’ space, especially the copper prices.

Moreover, broad based US dollar weakness coupled with strong gains seen in its OZ counterpart, add to the positive sentiment around the AUD/USD pair. Markets now look forwards to the US dataflow lined up for release today and tomorrow for fresh impetus on the major. While all eyes remain on the next week’s RBA policy decision, with odds of an Aug rate cut decreased after upbeat Aus CPI figures.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7550 (psychological levels) above which gains could be extended to the next hurdle located at 0.7600 (round figure). On the flip side, the immediate support located at 0.7500/0.7492 (10 & 5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7470/64 (100 & 50-DMA).