AUD/USD gains further beyond 0.7600 handle, spikes to 7-day tops

   •  Persistent USD weakness helps build on steady recovery.
   •  Rebounding commodity prices lend additional support.
   •  Moves farther from Tuesday’s 5-month lows.

The AUD/USD pair finally broke out of its Asian/early European session consolidative range and touched a seven day high near 0.7640 level, albeit quickly retreated few pips thereafter.

Against the backdrop of yesterday's dovish FOMC meeting minutes, persistent greenback selling bias helped the pair to build on the overnight bullish move back above the 0.7600 handle. In fact, the US Dollar Index tumbled to 5-week lows, near the 93.00 handle, and has been one of the key factors driving the pair higher.

Adding to this, a modest rebound in commodity prices, especially copper, further extended support to the commodity-linked Australian Dollar and collaborated to the pair's positive move for the third consecutive session.

With today's up-move, the pair has rebounded over 100-pips from Tuesday's 5-month lows and remains poised to extend its steady recovery in what seems more likely to be a lacklustre NY trading session on the back of Thanksgiving holiday in the US.

   •  AUD/USD: Plenty of breathing room - Westpac

Technical levels to watch

A follow-through buying interest beyond 0.7640 level might now assist the pair to make an attempt to retest the very important 200-day SMA, currently near the 0.7695-0.7700 region.

On the flip side, the 0.7600 handle now seems to act as immediate strong support, which if broken might drag the pair back towards 0.7580 horizontal level en-route 0.7550-45 strong support.