AUD/USD surges through 0.7700 handle

The AUD/USD maintained its strong bid tone and is now building on to its break-out momentum above 0.7700 handle to currently trade at the highest level since mid-August. 

Today's releases of Australian and Chinese trade balance data trigger the initial leg of up-move for the pair. Adding to this, renewed USD selling amid fading prospects of an eventual Fed rate-hike action at its meeting on September 20-21 is also benefitting the major to build on to its strong gains. 

Moreover, possibilities of stops getting triggered once the pair decisively strengthened above 0.7700 might have also contributed to the pair's sharp up-surge in the past couple of hours. 

Next in focus would be the release of US weekly jobless claims that will be looked upon to grab some short-term trading opportunities.

Technical outlook

From current levels, the bullish momentum is likely to get extended towards 0.7750-55 important resistance. A follow through buying interest above this strong resistance would open room for continuation of the pair's appreciating move in the near-term. 

Meanwhile on the downside, 0.7700 handle now becomes immediate support. Weakness below this immediate support might now get bought into and hence, might limit further downslide at session low support near 0.7670-65 region.