AUD/USD clings to gains near 3-month tops

The AUD/USD pair built on previous session's strong up-move and touched a 3-month high near 0.7665, albeit has eased a bit from high levels. 

The greenback remained well offered across the board, with the key US Dollar Index sinking to fresh yearly lows near mid-95.00s and was seen helping the pair to extend previous session's break-out momentum through 0.7630-35 strong hurdle. 

The pair also benefitted from a subdued action around the US Treasury bond yields, despite of the latest hint by the Fed Chair Janet Yellen that the central bank would continue raising interest rates gradually. This coupled with a fresh wave of risk-on trade provided an additional boost to riskier/higher-yielding currencies - like the Aussie. 

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Adding to this, the prevalent positive sentiment surrounding commodity space remained supportive of the pair's strong up-move to the highest level since late March.

Investors now look forward to the final US GDP print for the first quarter of 2017, due later during early NA session, for some immediate respite for the USD bulls or fresh bullish impetus for the major.

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Technical levels to watch

Immediate resistance is pegged near 0.7680 level (March 30 high), above which the pair seems all set to surpass the 0.7700 handle and aim towards testing yearly highs resistance near 0.7745-50 region touched in March.

On the flip side, strong resistance break-point near 0.7635-30 region now seems to act as immediate support. A break back below the said support, leading to a subsequent drop below 0.7615-10 area, could drag the pair back towards 0.7580 intermediate support en-route the very important 200-day SMA support near 0.7530 region.