AUD/USD remains capped by 0.7735

Despite broad USD weakness, the Australian dollar has been struggling to extend gains above the 0.7730/35 area, where 2016 highs stand.

AUD/USD made an upside attempt during the European session but found resistance a couple of pips shy of its Thursday peak of 0.7736. The pair then turned south, but the 50-hour SMA offered support around 0.7680. AUD/USD is currently trading at 0.7701, just a few pips above its opening price.

AUD/USD levels to watch

As for technical levels, next resistances are seen at 0.7736 (2016 high, Apr 14), 0.7770 (Jun 24 2015 high) and 0.7848 (Jun 18 2015 high). On the flip side, immediate supports could be found at 0.7680 (Apr 15 low), 0.7600 (psychological level/20-day SMA) and 0.7527 (Apr 11 low).