Lingering just below the 1.0400 figure, the pairing records a session gain of 0.3%. Should the rally extend beyond the mentioned figure, ascending trendline resistance (20 June/5 July peaks) comes in at 1.0410. A push above there would open scope for AUD/USD to test resistance in the April 12th peak at 1.0457.
According to Brent Hansen, analyst at IFR Markets: "There are rumours Bundesbank will add AUD to reserve mix while speculation of imminent RRR cut in China/pick-up in China Bank lending underpin." Brent sees AUD looking to match-off with option supply above 1.0400.