AUD/USD: Bulls eye a break above 0.7950, focus shifts to Aus jobs

The AUD/USD pair is seen consolidating the extensive rally witnessed a day before, having found fresh bids once again near 0.7910 so far this session.

AUD/USD sits at 2-year tops

The Aussie remains well bid in the Asian trades, now looking to extend the recent bullish momentum well beyond 0.7950 barrier, despite a steady recovery staged by the US dollar versus its major peers amid a rebound in Treasury yields across the curve.

Moreover, downbeat Aus leading index data published by Westpac also failed to deter the bulls from keeping their control above 0.79 handle. Australia Westpac Leading Index (MoM): -0.1% (June) vs previous 0%

On Tuesday, the AUD/USD pair rallied more than 150-pips to the highest levels since May 2015, after the major received double booster shot, with hawkish RBA minutes on one hand, while broad USD slump on Trump’s Healthcare rejection by the Senate Republicans hit the buck on the other hand.

Later today, the pair will continue to track the USD price-action ahead of the US housing data release, while attention turns towards the Australian jobs data due tomorrow.

AUD/USD Levels to watch   

At 0.7929, the pair finds the immediate resistance at 0.7950 (key resistances) above which gains could be extended to the next hurdle located 0.7978/79 (classic R1/ Fib R2) and 0.8000 (psychological levels). On the flip side, the immediate support is located at 0.7900 (round figure). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7882 (daily pivot) and below that 0.7861 (5-DMA).