AUD/USD rises to fresh 3-week highs, 0.77 closer

The bullish streak in the AUD/USD pair found extra legs following the release of RBA’s quarterly Statement on Monetary Policy (SoMP), now driving the rate closer towards 0.77 barrier.

AUD/USD trades above major DMAs

Currently, the AUD/USD pair jumps +0.43% to trade at fresh three-week highs of 0.7661, having bounced-off strong support at 0.7624 levels. The AUD/USD pair extends its bullish run into a second day today and also remains on track to book second consecutive weekly rise, as the bulls cheered the RBA SoMP, which provided no new surprises and no further easing bias.

Moreover, higher copper prices alongside positive performance on the Asian equities, add to the positive sentiment persisting around the Aussie. Meanwhile, prevalent risk trends will continue to influence the major ahead of the US payrolls data due later today.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7677 (daily R2) 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 0.7624 (daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7604 (5-DMA).