“¢ A fresh wave of USD selling helps recover early dip and move back above 0.7400 handle. “¢ Bullish commodity prices provide an additional boost to the commodity-linked Aussie. “¢ Wednesday’s Australian CPI print eyed for fresh impetus ahead of this week’s US macro data. The AUD/USD pair caught some fresh bids since the early European session, with bulls now looking to build on the momentum back above the 0.7400 handle. The US Dollar up-move already seems to have run out of steam on the back of a sharp decline in the US Treasury bond yields and was seen as one of the key factors helping the pair to catch some fresh bids. Adding to this, a positive tone around commodity space, especially copper, provided an additional boost to the commodity-linked Australian Dollar. Further collaborating to the pair’s goodish rebound of over 50-pips from an intraday low level of 0.7360 was the prevalent risk-on mood, as depicted by strong gains across European equity markets, which was eventually seen driving flows towards perceived riskier-currencies – like the Aussie. Wednesday’s release of quarterly Aussie CPI print, followed by a duo of US macro data – durable goods orders on Thursday and advance Q2 GDP growth figures, would now play an important role in determining the pair’s near-term trajectory. Technical Analysis From a technical perspective, the latest leg of a sudden spike could also be attributed to some fresh technical buying on a sustained move back above 100-period SMA on the 1-hourly chart. Looking at the broader picture, the pair remains within a familiar range, held over the past six weeks or so and the recent price action clearly seems to suggest that the near-term bearish pressure might still be far from over. However, it would be prudent to wait for a decisive break-through the trading band before positioning for the next leg of directional move. Spot rate: 0.7405 Daily High: 0.7412 Daily Low: 0.7360 Trend: Sideways Resistance R1: 0.7438 (overnight swing high) R2: 0.7473 (50-day SMA) R3: 0.7500 (psychological round figure mark) Support S1: 0.7385 (100-period SMA H1) S2: 0.7360 (current day swing low) S3: 0.7310 (YTD lows set on July 2) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next DXY Technical Analysis: downside corrective could see 94.25/20 retested. FX Street 5 years "¢ A fresh wave of USD selling helps recover early dip and move back above 0.7400 handle. "¢ Bullish commodity prices provide an additional boost to the commodity-linked Aussie. "¢ Wednesday's Australian CPI print eyed for fresh impetus ahead of this week's US macro data. The AUD/USD pair caught some fresh bids since the early European session, with bulls now looking to build on the momentum back above the 0.7400 handle. The US Dollar up-move already seems to have run out of steam on the back of a sharp decline in the US Treasury… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.