AUD/USD rises further to test 0.7700 on fresh USD selling

The offered tone behind the US dollar across the board picked-up pace in early trades, accelerating the upside in AUD/USD closer towards 0.77 handle.

Heading into Europe, the greenback met fresh supply the longer-duration treasury yields retreated, with the benchmark 10-year treasury yields now trading +0.29% higher versus a +0.50% rise seen earlier on the day.

However, it remains to be seen of the Aussie can regain 0.77 handle amid weaker copper prices and moderate risk-aversion, in the wake of upcoming G20 meeting.

Later today, the spot may also get influenced by a spate of US economic data, with the crucial consumer sentiment and industrial figures.

AUD/USD Levels to watch   

At 0.7692, the immediate resistance at 0.7722 (multi-week tops/ Fib R2) above which gains could be extended to the next hurdle located 0.7750 (psychological levels) and 0.7772/80 (classic R3/ Nov tops). On the flip side, the pair finds the immediate support located at 0.7650/42 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7623/16 (50 & 20-DMA) and below that 0.7592 (10-DMA/ classic S3).