AUD/USD hovers near weekly highs

Commodity currencies are on recovery mode on Wednesday against a broadly weaker dollar, as markets calm down a little following last week’s Brexit shock.

AUD/USD has extended gains into a second straight day, rising to a weekly high of 0.7455 and continues to trade nearby, up 0.87% on the day.

On the data front, US data came in mixed, with the Fed's preferred inflation gauge, core PCE price index at 0.9% YoY, well below Fed’s 2% target. Personal spending matched expectations, while the rise in personal income fell short of expectations.

AUD/USD technical levels

As for technical levels, next resistances could be found at 0.7445 (Jun 29 high), 0.7525 (Jun 22 high) and 0.7615 (Jun 23 high). On the flip side, supports are seen at 0.7380 (Jun 29 low), 0.7322 (Jun 27 low) and 0.7285 (200-day SMA).