AUD/USD rises to test 3-day highs

The AUD/USD pair is seen building on to its early gains and has now risen above Thursday's high to currently trade at 3-day high near 0.7640 region.

Stability in commodity prices is extending support to commodity-linked currencies - like the Aussie and a broad based greenback weakness, as measured by the US Dollar Index, is providing an additional boost to the major. 

However, further up-move seems limited amid prevalent cautious sentiment ahead of the Fed Chair Janet Yellen's speech at Jackson Hole Symposium and the release of revised estimate of second quarter US GDP growth figures, later during NA trading session.

The much-anticipated Yellen speech would provide clarity on the central bank's monetary policy path and help investors to determine the near-term trajectory for the greenback.

Technical levels to watch

From current levels, 0.7655 weekly high seems to act as immediate resistance above which the pair seems to head towards reclaiming 0.7700 round figure mark. On the flip side, weakness below 0.7615, leading to a subsequent drop below 0.7600 round figure mark, might now turn the pair vulnerable to extend its downslide immediately towards 50-day SMA support near 0.7560 region.