AUD/USD trims gains, returns to 0.7550

The Aussie dollar has faded its initial spike to session highs near 0.7570 vs. the greenback, with AUD/USD now re-testing the 0.7550/45 band.

AUD/USD lower on USD-buying

The US dollar continues its recovery on Wednesday, prompting the pair to give away initial gains. Positive Chinese results from the Caixin PMI lent support to AUD in early trade, although the upbeat sentiment lost momentum afterwards.

Nothing relevant expected data wise in Oz until next week’s jobs data, whereas the FOMC minutes will take centre stage in the NA session later today.

AUD/USD levels to watch

At the moment the pair is gaining 0.08% at 0.7550 and a break above 0.7725 (2016 high Mar.31) would expose 0.7739 (monthly high Jul.1 2015) and finally 0.7851 (monthly high Jun.18 2015). On the other hand, the immediate support aligns at 0.7511 (23.6% Fibo of 0.6824-0.7723) ahead of 0.7475 (low Mar.24) and then 0.7312 (55-day sma).