AUD/USD catches fresh bids, regains 0.7600

Dhwani Mehta FXStreet

The selling pressure behind the AUD seems to have eased a bit post-China open, allowing a tepid-bounce in AUD/USD back above 0.76 handle.

AUD/USD: USD index hovers near 8-month tops

Currently, the AUD/USD pair now trades modestly flat at 0.7610, recovering from a dip to session lows of 0.7589 reached earlier on the day. The AUD/USD pair is seen making minor-recovery attempts in the Asian session this Tuesday, as the USD dollar takes a breather after having tested multi-month tops against its main competitors.

Moreover, in absence of fresh fundamental drivers, the major takes cues from the broader market sentiment, which now suggests a risk-friendly environment. Hence, the higher yielding currency AUD finds support from the positive sentiment around the Asian stocks and higher copper prices.

Looking ahead, the spot will continue to get influenced by the USD dynamics amid recent hawkish Fedspeaks. While data-wise, all eyes will remain on the US dataflow and Aus Q3 inflation report for fresh direction.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7629 (10-DMA) above which gains could be extended to the next hurdle located 0.7650 (psychological levels) and 0.7694 (daily R3). On the flip side, the immediate support located at 0.7582 (100-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7522 (200-DMA) and below that at 0.7500 (round figure).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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