AUD/USD hits fresh weekly highs

AUD/USD  rose further during the American session and reached 0.7639, the highest level since July 15. The pair currently trades at 0.7635/37, up 50 pips for the day. Greenback is falling against commodity currencies as stock rise modestly in Wall Street and amid a rally in US treasuries.

AUD/USD eyes July highs

The pair holds a bullish tone as it continues to approach July highs that lie at 0.7675. During the previous month, the Aussie failed to hold above 0.7630. A consolidation significantly on top of 0.7630 could open the doors for a test of 0.7675.

On the opposite direction, as long as price remains above 0.7550 (20-day moving average) the bullish bias would remain intact; if it falls below, the strong support area around 0.7490 - 0.7500 would be exposed.

On the fundamental side, tomorrow during the Asian session the Reserve Bank of Australia will release the monetary policy statement while in the US, the main event will be the official employment report.