AUD/USD strongly bid amid better China PMI, copper-rally

The sentiment around the Australian remains strongly underpinned as the bulls continue to ride higher on upbeat Chinese PMI data-led wave, now pushing AUD/USD towards the mid-point of 0.72 handle.

AUD/USD extends the rebound

Currently, the AUD/USD pair rises +0.65% and now flirts with three-day tops of 0.7236, having found strong support near 10-DMA. The AUD/USD pair is seen extending the recovery from a dip to near multi-month lows, and now heads higher amid risk-on moods, triggered following the release of much better-than expected Chinese manufacturing PMI report.

Additionally, a rally across the commodities space, particularly copper prices, provided extra legs to the bullish move in AUD/USD. Attention now turns towards the US ISM manufacturing PMI data due to be reported in the NA session today for fresh incentives.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7250 (key resistance) above which gains could be extended to the next hurdle located 0.7265 (20-DMA) and 0.7300 (zero figure). On the flip side, the immediate support located 0.7200 (round figure). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7154/52 (multi-month lows) and below that at 0.7105 (March low).