AUD/USD sits at 2-week tops, 0.80 handle back on sight

   •  Persistent USD weakness supports the up-move.
   •  Further gains capped by rising US bond yields
   •  Traders eye US data for fresh impetus.

The AUD/USD pair continued gaining some positive traction on Friday and is currently placed at fresh two-week tops, around the 0.7975-80 region.

The pair, so far, has held with some gains for the third consecutive session, gaining in excess of 200-pips from weekly lows set on Tuesday, and was being supported by the prevalent strong bearish sentiment surrounding the US Dollar. 

This coupled with a positive trading sentiment around commodity space, especially copper, further underpinned the commodity-linked Australian Dollar and further collaborated to the pair's up-move on the last trading day of the week. 

Further gains, however, remained capped amid a modest uptick in the US Treasury bond yields, which tends to weigh on higher-yielding currencies - like the Aussie. This coupled with the RBA Governor Philip Lowe's comments on the current AUD exchange rate were also seen keeping a lid on the pair's up-move. 

Hence, bulls might now wait for a convincing move back the key 0.8000 psychological mark before positioning for any further near-term appreciating move. Later during the early NA session, the US economic docket, featuring the release of housing market data and Prelim UoM Consumer Sentiment would now be looked upon for some fresh trading impetus.

Technical levels to watch

A clear breakthrough the mentioned handle has the potential to continue boosting the pair further towards 0.8060-65 supply zone en-route the 0.8100 handle. On the flip side, immediate support is now pegged near mid-0.7900s, below which the pair could slide back below the 0.7900 handle towards testing 0.7870-60 strong horizontal support.