AUD/USD extends higher alongside Oil, 0.7450 eyed?

The bid tone around the AUD keeps growing bigger in the European session, now keeping AUD/USD well above 0.74 handle.

AUD/USD keeps 5-DMA barrier

Currently, the AUD/USD pair trades +0.39% higher at 0.7414, easing-off fresh session highs previously posted at 0.7423. The Aussie tries hard to take-on the post-Brexit recovery beyond 0.7450 levels, but in vain, as persisting uncertainty over the global economic scenario post-Brexit continues to keep the upside capped.

The AUD/USD pair added to yesterday’s gains so far this Wednesday, largely backed by higher stocks and oil prices, which continued to lift the overall market sentiment from Brexit-led downbeat momentum.

Next in focus remains the US Core PCE price index and pending home sales for further momentum on the Aussie.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7425/30 (20-DMA/ daily pivot) above which gains could be extended to the next hurdle located at 0.7447 (10-DMA). On the flip side, the immediate support located at 0.7304 (200-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7283 (Jun 16 low).