AUD/USD: Bullish run loses steam just shy of 0.76

The recovery in the AUD/USD pair appears to have run out of legs in the last hour, sending the prices slightly away from 0.76 handle.

AUD/USD trades above all major DMAs

Currently, the AUD/USD pair advances +0.61% to 0.7581, having scored fresh twelve-day high at 0.7592 in the last hour. The Aussie remains strongly bid and now consolidates the latest upward rally backed by risk-on trades in the Asian equities, as the oil recovery falters, while the greenback trims losses against its major peers. Meanwhile, the USD index now drops -0.12% 96.46 levels versus -0.23% seen earlier.

Moreover, renewed optimism seen in the Australian businesses also lifted the sentiment around the AUD. The National Australia Bank (NAB) Business Confidence Index rose to 6 in June from 3 in May, while the NAB Business Conditions Index rose to 12 in May versus 10 last – hitting the highest levels in almost two years.

Further, a profit-taking rally cannot be ruled out, ahead of the Chinese trade data and Aus consumer sentiment data due out tomorrow. While the Aus employment data and Chinese GDP release also remains in the spotlight.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7600 (round figure) above which gains could be extended to the next hurdle located at 0.7653 (Jun 24 high). On the flip side, the immediate support located at 0.7545/21 (5 & 10-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7487/75 (20 & 100-DMA).