FXStreet (Mumbai) - The AUD/USD pair poses a minor rebound from two-week lows at Tokyo open, with fresh liquidity flowing in as Japan re-opened after a 3-day break, helping the Aussie to extend the recovery on the 0.70 handle.
AUD/USD breaks above 5-DMA
Currently, the AUD/USD pair trades 0.10% higher at 0.7010, hovering close to fresh session highs posted at 0.7014 in early moves. The Aussie halted its four-day decline and edged higher this session on the back of stabilizing commodity prices and brood based US dollar retreat.
Moreover, the AUD/USD pair also mirrored the gains in its OZ counterpart amid a better risk sentiment after the Australian equities rebounded today, rallying +1.21% and regain 5k barrier.
On Wednesday, The Aussie fell to its weakest level in more than two weeks at 0.6984, with broad losses hitting 'commodity' currencies, following a weaker-than-expected Chinese manufacturing index reading.
Meanwhile, markets turn their focus towards the upcoming data releases due later in the US session as the Asian calendar remains data-dry, with nothing relevant on the cards.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7042 (Sept 8 High) levels, above which gains could be extended to 0.7096 (Sept 23 High) levels. On the flip side, support is seen at 0.6984 (Sept 23 Low) levels from here it to 0.6943 (Sept 10 Low).
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