AUD/USD tracks gold higher, re-takes 0.7700

The dovish RBA minutes-led sell-off lost legs just ahead of 0.7650, as the bulls fought back control, now sending the AUD/USD pair back towards 0.77 handle.

AUD/USD advances towards daily R1

Currently, the AUD/USD pair trades +0.14% higher at 0.7684, having posted fresh session highs at 0.7690 last minutes. The major jumped back on the bids and now extends its bullish momentum into a second-day today, as the bulls were rescued by rallying gold prices amid resurgence of demand for the safe-havens.

Earlier on the day, the Aussie fell as low as 0.7654 after the release of dovish RBA meeting minutes, which backed the case for easy monetary policy and also talked down the local currency.

The major will continue to track the broader markets sentiment until the NA session, which offers a plenty of risk events from the US docket. Today, we have the US CPI, building permits, industrial production and housing starts data on the cards.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7700 (round figure) above which gains could be extended to the next hurdle located at 0.7725 (Aug 12 high/ daily R2). On the flip side, the immediate support located at 0.7606/0.7600 (20-DMA/ round figure). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7546 (50-DMA).