AUD/USD testing highs near 0.7570

The Aussie dollar has not only reverted the post-RBA drop, but has also pushed AUD/USD to print fresh daily highs in the vicinity of 0.7570.

AUD/USD higher on USD selling

After the RBA-led drop to lows near 0.7490, the pair met fresh buyers who triggered a sharp rebound to the 0.7570 area, or session highs following an increasing selling pressure around the US dollar.

Recall that the RBA unexpectedly cut its benchmark rate by 25 bp to a record low of 1.50% at its meeting early today, although AUD remained resilient amidst increasing prices of iron ore and easing concerns over a potential slowdown in China.

AUD/USD levels to watch

At the moment the pair is advancing 0.31% at 0.7561 and a break above 0.7618 (high Aug.1) would aim for 0.7653 (high Jun.24) and finally 0.7674 (high Jul.15). On the other hand, the next support aligns at 0.7431 (55-day sma) followed by 0.7404 (low Jul.6) and then 0.7333 (200-day sma).