AUD/USD jumps to fresh weekly highs ahead of RBA

The AUD/USD pair prolongs its upward trajectory for the fifth consecutive session this RBA Tuesday, with upbeat Aus current account data adding to the latest leg higher.

AUD/USD regains 20-DMA and beyond

Currently, the AUD/USD pair jumps +0.61% to fresh weekly highs of 0.7632, having found solid support near 0.7580 region. The AUD/USD pair caught a fresh bid-wave just ahead of Tokyo-open and from there, continues to extend higher, in wake of auspicious Australian current account and terms of trade data. Australia’s Q2 current account numbers came in at -$15.5bn versus -20bn expected.

Moreover, the Aussie also rallies on increased expectations that the RBA will leave the cash rate unchanged at its policy decision due later this session. Looking ahead, the RBA decision will provide fresh direction on the major, while the US LMCI and ISM services data will be closely eyed for further momentum.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7663 (daily R3) above which gains could be extended to the next hurdle located at 0.7700 (round figure). On the flip side, the immediate support located at 0.7587/85 (50-DMA/Aug 22 low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (round number).