AUD/USD: taking on the 0.79 handle, but still below key pivot before bears should worry

Currently, AUD/USD is trading at 0.7906, up 0.03% on the day, having posted a daily high at 0.7918 and low at 0.7867.

AUD/USD has moved higher in the overnight markets and the bid continues as US traders take up the demand through 0.79 the figure. The recent 21DMA pivot 0.7918 now initial resistance, a touch above the aforementioned highs. 

In the absence of domestic data for the Aussie, it is worth noting that Moody's reiterated Australia's AAA rating with "Australia’s very high [fiscal strength] score is driven by a moderate government debt burden relative to AAA-rated peers and low cost of debt.”  Prevalent levels in metals are also supporting the currency while traders await the outcome of the speeches from Yellen and Draghi at tomorrow's Jackson Hole Symposium.

How will Yellen and Draghi 'perform' at the Jackson Hole?

AUD/USD levels

Meanwhile, despite the upturn in the price, AUD/USD remains below last week’s key highs at 0.7963 and the July 20 high at 0.7991 pivot, as explained by analysts at Commerzbank. "While the 0.7980/91 July 20 and August 4 highs cap, another down leg should soon be seen. Below the .7814/08 current August low and support line lies good support at 0.7775/41. It is where the February and March highs meet the 55 day moving average," argued the analysts at Commerzbank.