AUD/USD tracks commodities higher, 0.7700 on sight

The bid tone behind the AUD/USD pair gathers pace over the last hour, sending the rate beyond 0.7650, in response to rallying commodities’ prices.

AUD/USD tracks commodities higher

Currently, the AUD/USD pair trades +0.43% higher at 0.7660, flirting with fresh nine-day tops reached previously at 0.7668. The Aussie continues to benefit from an extension of the rally across the commodities’ space, particularly copper and oil prices, on the back of FOMC-led sharp losses in the US dollar.

Moreover, the AUD bulls also cheer the upbeat comments from the new RBA governor Lowe, as he testified before the Australian parliament earlier in Asia. Markets now await the US existing home sales data for fresh impetus amid a data-light second-half of this week.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7691 (Sept 6 high) above which gains could be extended to the next hurdle located at 0.7750 (psychological levels). On the flip side, the immediate support located at 0.7595 (daily pivot). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7639 (10-DMA).