AUD/USD looking to reclaim 0.75 as bullish tone solidifies

• The Aussie is holding on the bullish side, but key resistance is building at 0.75.
• China data today to drive the AUD, though traders will be looking towards China’s trade figures on Friday.

The AUD/USD is trading near 0.7460 heading through the overnight session after lifting to a high of 0.7483 on Monday. The Aussie appears to be running into resistance from the 0.7500 key level, though the pair’s bullish stance leaves it marking out new swing highs after recovering from early July’s technical bottom at 0.7310.

Tuesday sees the National Australia Bank’s (NAB) Business Confidence and Business Conditions survey results at 01:30 GMT, with confidence forecast at 8 compared to the previous reading of 6, while conditions results are expected to come in at 18 compared to the last of 15. The key data for early Tuesday will be Chinese CPI and PPI figures for June, also due at 01:30 GMT and y/y CPI figures are expected to tick up from 1.8% to 1.9%, while the y/y PPI is anticipated to rise from 4.1% to 4.5%.

The Aussie is bumping higher for this week  as the US Dollar continues to maintain a softening stance across the broader markets as bulls take a breather, while the AUD is experiencing a bolstering from rising copper prices, which are lifting from recent bottoms as the Greenback recedes.

AUD/USD levels to watch

The Aussie’s upside move appears set to claim further ground, as FXStreet’s own Valeria Bednarik noted: “the 4 hours chart for the pair shows that it found some intraday sellers around its 200 SMA, but also that it’s holding above a bullish 20 SMA which advances above the 100 SMA, suggesting that buyers are still strong. In the same chart, technical indicators have barely retreated from overbought readings before losing their downward slopes, also indicating that the upside remains favored.”

Support levels: 0.7445 0.7400 0.7370

Resistance levels: 0.7490 0.7530 0.7565