The AUD is one of the best performers in Asia this Tuesday, now pushing AUD/USD to fresh two-week highs amid a broadly weaker USD and higher commodities’ prices.
AUD/USD eyes China GDP
Currently, the AUD/USD pair jumps +0.54% to fresh two-week highs of 0.7675, heading for a test of 0.77 handle. The Aussie extends its bullish momentum into a fifth-day today, as markets digest the latest RBA meeting minutes and Governor Lowe’s comments.
RBA’s Lowe noted that the current AUD level is suitable for the economic growth, while the minutes revealed that the RBA may remain in a wait and see mode in the upcoming meetings, awaiting Q3 CPI data for fresh assessment on the monetary policy stance.
Moreover, higher oil and copper prices continue to underpin the sentiment around the resource-linked AUD. Focus now remains on the US CPI report and Chinese GDP data in the upcoming sessions for fresh direction on the major.
AUD/USD Levels to watch
The pair finds the immediate resistance at 0.7693 (Oct 4 high) above which gains could be extended to the next hurdle located 0.7707 (daily R3) and 0.7750 (psychological levels). On the flip side, the immediate support located at 0.7617 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7574 (100-DMA) and below that at 0.7509 (200-DMA).
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