AUD/USD continues to scale higher, hits fresh session high at 0.7655

Having posted a session low at 0.7613, the AUD/USD pair maintained its strong bid tone and has now climbed above mid-point of 0.7600 level to a fresh session high. 

Renewed weakness around the greenback, amid cautious trade, provided a fresh leg of boost to high-yielding currencies - like the Aussie. Moreover, weaker US Dollar is also assisting recovery in commodities and is further driving commodity-linked currencies higher. 

Shifting expectations surrounding an eventual Fed rate-hike has been the key factor driving the buck in the recent past. Hence, investors now keenly await for the Fed chairwoman Yellen's speech at the Jackson Hole symposium later during the week in order to evaluate the likelihood of a rate-hike at the Fed's next monetary policy meeting in September. 

In the meantime, today's releases of new home sales and Richmond Manufacturing Index from the US might help traders to grab some short-term trading opportunity. 

Technical levels to watch

A follow through buying interest above 0.7650 should continue boosting the pair further towards recent daily closing high resistance near 0.7695 before extending its bullish momentum towards monthly high resistance near 0.7755-60 region.

On the flip side, 0.7625 level now seems to protect immediate downside, which if broken is followed by support at 0.7600 round figure mark. Weakness back below 0.7600 handle might negate any near-term bullish bias and turn the pair vulnerable to continue drifting lower in the near-term.