AUD/USD clocks fresh 4-week highs at 0.7725
|The AUD/USD pair extends its bullish run into a third day today, with the underlying sentiment boosted by upbeat Aussie fundamentals and a neutral RBA.
As for today trade in the running, the spot remains strongly bid as the greenback extends its bearish bias versus its major rivals, fuelled by a less hawkish-than expected Fed decision. Moreover, weaker treasury yields boost demand for the Aussie as an alternative higher-yielding asset.
However, over the last hour, the bulls struggle to extend the upside towards 0.7750 levels, as weaker oil and copper prices keep a check on the resource-linked AUD. All eyes now remain on the Fed official Evans speech, in absence of economic events from the US docket today, while RBA minutes release will hog the limelight in the Asian morning tomorrow.
AUD/USD Levels to watch
At 0.7722, the immediate resistance at 0.7743/50 (multi-week tops/ psychological levels) above which gains could be extended to the next hurdle located 0.7780 (Nov tops) and 0.7800 (zero figure). On the flip side, the pair finds the immediate support located at 0.7704/00 (5-DMA/ round number). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7651/50 (Mar 15 low/ psychological mark) and below that 0.7629/24 (50 & 10-DMA).
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