AUD/USD jumps to fresh highs near 0.7630

The AUD/USD pair witnessed a sudden uptick uptick to near 0.7630 region, taking the rate beyond 0.76 handle, with the bulls digesting Australia’s treasurer Morrison’s latest comments.

AUD/USD capped below daily R1 at 0.7636

Currently, the AUD/USD pair trades +0.12% higher at 0.7620, hovering within a strking distance to session highs printed at 0.7627 in the last hour. The AUD/USD pair extends its choppy trend in the Asian morning, and now catches a fresh bid-wave, in an attempt to take-out stiff resistance placed near 0.7630 region.

Moreover, minor-recovery staged by both the oil and Asian stocks, also lends support to the renewed upside in the Aussie. While stalled USD buying also underpins the AUD/USD pair and sends it further away from 0.7590 levels amid latest comments delivered from the Australian federal treasurer Scott Morrison.

All eyes remain focussed on the next risk event for the major, the Jackson Hole Symposium and key US macro updates, including the durable goods and GDP data, for fresh direction on the pair.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.764//44 (10 & 20-DMA) above which gains could be extended to the next hurdle located at 0.7700 (round figure). On the flip side, the immediate support located at 0.7585/75 (Aug 22 low/ 50-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (round number).