Currently, AUD/USD is trading at 0.7587, up 0.06% on the day, having posted a daily high at 0.7590 and low at 0.7580.
AUD/USD is consolidated after a round-turn to 0.7624. The upside started from 0.7535 on the 22nd June and remains within the upside trend above and around the 0.7585 pivot. The extension can get back to the highs with RSI still bullish in early Asia. 0.7560 & 0.7550 are the immediate targets on the shorter time frames.
Dollar to play catch up?
However, the pick up in the benchmark US 10-year yields is an anchor on the pair and much will depend on the performance of commodities and/or whether the DXY can play catch up. The dollar is currently underwater and behind the curve where the US 10 year yields have rallied to above 2.21%. It is only in the recent trade that the DXY started to catch up and a continuation of this should weigh on both commodities and the Aussie. Metals are holding up currently with mostly green across the spectrum, but that may be short term if the dollar plays catch up in coming sessions.
AUD/USD levels
Resistance: 0.7608 pivot R2; 0.7624 June 20 high; 0.7663 March 31 high; 0.7680 March 30 high. Support: 0.7580/85, 0.7555 100-DMA; 0.7530 200-DMA; 0.7500 June 7 low; 0.7457 June 6 low; 0.7408 June 5 low; 0.7373 June 1/2 lows; 0.7336 May 11 low.
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