AUD/USD extends gains after US data

AUD/USD pushed to fresh 2-week highs at the beginning of the New York session, as the greenback weakened slightly following the release of a string of US data.

AUD/USD broke above yesterday’s highs at the 0.7615 zone and stretched to its highest level since July 15 at 0.7622. It was last trading at 0.7619, up 1.14% on the day, with the aussie having shrugged off the widely expected rate cut announced by the RBA during the Asian session.

On the data front, US personal spending rose 0.4% in June (0.3% exp) but income rose only 0.2% (0.3% exp). Meanwhile, the PCE price index, the Fed’s prefered gauge of inflation, rose by 0.9% YoY in June, below the central bank’s 2% target. Core PCE price index increased 1.6%, in line with expectations.

AUD/USD levels to consider

On the upside, AUD/USD could face next resistances at 0.7657 (Jul 12 high), 0.7675 (Jul 15 high) and 0.7600 (psychological level). On the downside, supports are now seen at 0.7515 (10-day SMA), 0.7490/87 (100-day SMA/Aug 2 low) and 0.7444 (50-day SMA).