AUD/USD jumps to session high at 0.7635

The AUD/USD pair recovered from its early dip below 0.7600 led by a sharp drop in Chinese imports and is now building on to its gains to currently trade near session high around 0.7630-35 band. 

The pair has been gaining traction despite of Friday's upbeat US jobs report as the Australian Dollar seems to benefit from the latest RBA meeting minutes failed to provide any definitive cues over further easing in the near-term. Last week on Tuesday, the central bank lowered its cash rate by 25 bps to 1.50%.

Meanwhile, recovery momentum in crude oil prices also seems to benefit commodity-linked commodities - like the Aussie. Adding to this, buoyant sentiment surrounding equity markets is pointing to risk-on trade and expending support to higher-yielding currencies, including the Australian Dollar.

Going forward, the pair would continue to take cues from broader risk sentiment prevalent in financial markets amid relatively quieter economic docket on Monday.

Technical levels to watch

Friday's swing high at 0.7664 remains immediate resistance to watch for, which if cleared should lift the pair immediately towards 0.7719 (May 3  high) before heading towards its next major resistance near 0.7765 (April 27 high).

On the flip side, 0.7600-0.7590 area now seems to have emerged as immediate support, which if broken decisively seems to drag the pair towards 0.7530 horizontal support. A follow through selling pressure below 0.7530 support has the potential to further weaken the pair towards the very important 100-day SMA support near 0.7490 region.