AUD/USD catches fresh bids, back above 0.7200

The Australian dollar is on one way up against its American counterpart, sending the AUD/USD pair back onto 0.72 handle.

AUD/USD tracks copper, iron-ore higher

Currently, the AUD/USD pair rises +0.40% to 0.7207, flirting with daily tops posted at 0.7213 last minutes. The AUD/USD pair reversed a momentary downward spike to 0.7167 levels, and from embarked upon a robust recovery mode, as the greenback continue to lose ground across the board amid risk-off markets.

While higher copper and iron-ore prices in wake of investors resorting to bargain hunting, also bolsters the bids for the commodity-currency. The Aussie remains the top performer amongst the commodities’ currency and second best performer behind the yen, when compared to the majors.

Focus will continue to remain on the RO-RO trends as well as on the USD dynamics until the NA session, with a slew of US macro news on the cards.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7247 (daily R2) above which gains could be extended to the next hurdle located 0.7300 (zero figure) and 0.7314 (20-DMA). On the flip side, the immediate support located 0.7187 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7154/52 (multi-month lows) and below that at 0.7105 (March 2016 low).