“The pair has been as high as 1.0372, and retracements from the level had been quite limited so far, suggesting the buying interest is still strong,” comments Valeria Bednarik, Chief Analyst at FXstreet.com. “Steady gains above mentioned high, will open doors for a midterm continuation rally with immediate target at the 1.0470 price zone, late April daily highs.”
The economic calendar is thin with market moving releases this Thursday in the Asia-Pacific, with only the RBA Foreign Exchange Transaction figures for June due for release at 01:30 GMT. AUD/USD price action, therefore, will be largely driven by market sentiment.
If the cross continues to advance in the global day ahead, resistance levels lie at 1.0370, 1.0410 (ascending trendline resistance, 20 June/5 July peaks), 1.0420 and then 1.0470. To the downside, support levels lie at 1.0330, 1.0300 and 1.0270. AUD/USD last trades at 1.0365 at the Tokyo fix.