AUD/USD rebounds to test Thursday’s high

The AUD/USD’s recovery picked-up pace over the last, driving the rate further into the positive territory, in a bid to take-out Thursday’s high reached at 0.7639.

AUD/USD better bid amid calm session

Currently, the AUD/USD pair trades +0.13% higher at 0.7628, flirting with session tops reached at 0.7632 last minutes. The AUD/USD pair keeps its recovery mode intact from 0.76 handle amid a quiet Asian session, with traders remaining on the side-line ahead of the second day of the Jackson Hole Symposium, where Yellen is expected to make speech on Fed’s monetary policy.

Moreover, subdued trading activity seen behind the greenback across the board coupled with some dip buying emerging in the commodities’ space, keeps the sentiment around the AUD/USD buoyed amid a lack of fresh fundamental drivers.

Calendar-wise, the US GDP figures are due on the cards later in the NA session, while Yellen’s speech at Jackson Hole is expected to hog the limelight.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7646 (20-DMA) 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 0.7585/78 (Aug 22 low/ 50-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (round number).