AUD/USD bounces-off 0.7550 post-RBA minutes

The AUD/USD pair found fresh bids at 0.7550 levels and climbed higher, in an attempt to regain 5-DMA, as a rebound across the commodities space helps  boost the AUD.

AUD/USD eyes 0.7600?

Currently, the AUD/USD pair rises +0.08% to 0.7562, struggling to take on the recovery above 07670 region, where the 5-DMA barrier intersects. The Aussie keeps the bid tone intact and now gathers pace for further upside amid higher commodities’ prices, especially oil, gold and copper, which bolsters the resource-lined AUD.

Moreover, a broad based retreat in the US dollar also supports the latest upmove in the AUD/USD pair from 0.7050 lows. Meanwhile, limited reaction was seen on the release of RBA minutes, with the Aussie having moved-off highs amid no new surprises offered by the minutes, which cited that Risks around inflation forecast 'broadly balanced' and that the economy continues to grow at a moderate pace.

The immediate focus now remains on the RBA Governor Lowe’s speech due ahead of Europe open, while the US retail sales data will take the center-stage in the US session later today.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7581 (daily high) above which gains could be extended to the next hurdle located 0.7600 (psychological levels) and 0.7623/30 (50 & 20-DMA). On the flip side, the immediate support located 0.7550 (daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7500 (zero figure) and below that at 0.7469 (Sept 19 low).