AUD/USD soars to nearly three-month peaks

The AUD/USD pair accelerated its strong breakout momentum and soared to fresh multi-week highs near 0.7675-70 region.

Persistent US Dollar selling pressure, after the Fed poured cold water on March rate-hike expectations, coupled with blistering Australian trade surplus data helped the pair to break through 0.7600 strong hurdle and rally to the highest level since Nov. 10. 

Adding to this, positive sentiment surrounding commodity space also underpinned demand for commodity-linked currencies, including the Aussie, and collaborated to the pair strong bid tone on Thursday. 

Meanwhile, possibilities of some strong being triggered on a sustained move above 0.7650 resistance could have also contributed to the pair strong up-surge during mid-European session. 

Later during the day, the release of US weekly jobless claims would be looked upon for some short-term trading impetus ahead of Caixin Chinese Manufacturing PMI during early Asian session on Friday. 

Technical levels to watch

A follow through buying interest might continue to boost the pair further towards reclaiming 0.7700 handle above which the up-move is likely to get extended towards Nov. 2016 daily closing highs resistance near 0.7760-65 region.

On the downside, 0.7650-45 region now becomes immediate support to defend, which if broken might drag the pair back towards 0.7600 round figure mark, en-route 0.7585 horizontal support.