AUD/USD is on a steady recovery mode towards two-week tops of 0.7756, having found some solid support around the 0.7715 region. The aussie stalled the overnight decline and caught a fresh bid after the Australian Treasury Secretary Kennedy voiced positive comments on the economic recovery during his testimony to a Senate committee. Further, the highly-anticipated phone call between US President Joe Biden and China’s President Xi Jinping added credence to the renewed upside int the spot.
The lack of strong follow-through buying warrants some caution for bullish traders. This makes it prudent to wait for a sustained move beyond the overnight swing highs, around the 0.7755 region, before positioning for any further appreciating move. On the flip side, the mentioned trend-line resistance breakpoint, currently around the 0.7715 region, might act as immediate support. This is closely followed by the 0.7700 round-figure mark.