AUD/USD through 0.7400, session highs

The Aussie dollar is trading on a firm note during the European morning, taking AUD/USD to the boundaries of 0.7400 the figure, or daily highs.

AUD/USD stronger, risk-off losing ground

Despite the inactivity in Oz due to the Queen’s Birthday holiday, AUD found buying interest after the closing bell in the Asian session along with dwindling risk-off sentiment.

Absent releases in US and Australia today, traders will look to the risk appetite trends for clues on direction, ahead of NAB gauges due tomorrow and US Retail Sales.

Spot is thus reverting two consecutive sessions with losses, coming down from last week’s tops above the key 0.7500 barrier while finding decent support in the mid-0.7300s for the time being.

AUD/USD levels to watch

At the moment the pair is advancing 0.45% at 0.7408 and a break above 0.7463 (55-day sma) would open the door to 0.7508 (high Jun.9) and finally 0.7597 (23.6% Fibo of the Jan-Apr up move). On the other hand, the next support aligns at 0.7359 (low Jun.13) followed by 0.7316 (low Jun.6) and then 0.7298 (20-day sma).