AUD/USD jumps to fresh session tops, near mid-0.8000s

After an initial retreat, the AUD/USD pair found fresh buying interest and refreshed session tops, near mid-0.800s during early European session.

Earlier during Asian session, the pair dropped to test the key 0.80 psychological mark after the National Australia Bank said its business confidence index fell to 5 in August as compared to previous month's reading of 12.

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However, dip buying at lower levels helped the pair to recover early lost ground and the latest leg of up-move could be solely attributed to some renewed US Dollar weakness. 

Meanwhile, the market sentiment continues to recover from concerns over Hurricane Irma and North Korea. Hence, a follow through up-tick in the US Treasury bond yields might collaborate towards keeping a lid on any further up-move for higher-yielding currencies - like the Aussie. 

Today's release of JOLTS Job Openings data from the US is unlikely to be a game changer but would still be looked upon to grab some short-term trading opportunities.

Technical levels to watch

A strong follow through buying interest beyond 0.8060 level could assist the pair to make a fresh attempt towards reclaiming the 0.8100 handle and head towards retesting Friday's swing high resistance near 0.8125 level. 

On the flip side, retracement back below 0.8030 level might continue to find support near the 0.80 handle, which if broken decisively could prompt additional profit taking slide towards 0.7960 level.