AUD/USD attempts a tepid bounce in tandem with commodities

The AUD/USD pair is seen making minor-recovery attempts after yesterday’s sell-off, as risk-off moods ease a bit amid a tepid-bounce seen in commodities’ prices.

AUD/USD re-takes 100-DMA at 0.7498

Currently, the AUD/USD pair now trades +0.07% higher at 0.7470, having stalled its recent sell-off just ahead of 200-DMA located at 0.7427 levels. The Aussie reversed a part of previous heavy losses and now looks to regain 0.75 barrier as persisting risk sentiment appears to have improved slight amid a minor-recovery seen in commodities’ prices as well in the Asian equities.

However, the upside seems restricted as greenback remains favored across the board, despite tumbling treasury yields. While markets also weigh weaker Westpac consumer sentiment data released earlier on the day.

Looking ahead, focus will remain on the global yields and volatility index (VIX) for further AUD moves ahead of a speech from RBA’s assistant governor Debelle and US import prices data due later in the day.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7498 (100-DMA) above which gains could be extended to the next hurdle located at 0.7517/49 (5-DMA/ daily R1). On the flip side, the immediate support located at 0.7427 (200-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7359 (daily S2).