FXStreet (Mumbai) - A renewed risk-on wave hit Asia on the back of rebounding global equities, which lifted the demand for higher yielding currencies such as the AUD. AUD/USD recovers from 50-DMA at 0.7188 Currently, the AUD/USD pair trades 0.15% higher at 0.7204, having tested session highs reached at 0.7208 last hours. The Aussie rebounded higher from 50-DMA support and now regains 0.72 handle on rising demand for risk assets backed by pre-FOMC optimism in the Asian stocks. Moreover, higher commodities prices this session also support the recovery in the AUD/USD pair from 0.7160 region. Gold futures on the Comex are up 0.35% at 1065.30 levels, the US Oil corrects -1% to $ 37/ barrel while copper prices gain 0.70% to 2.067 levels. Moreover, a broadly weaker US dollar also contributes to the upside in the Aussie pair. The USD index drops -0.10% to 98.10. Looking ahead, the FOMC decision due later in the day is likely to centrestage ahead of a slew of US economic updates. AUD/USD Levels to watch The pair hovers above 0.72 handle with the immediate resistance located at 0.7233/38 (10-DMA/1h 100-SMA) above which gains could be extended to the next hurdle located at 0.7250/53 (20-DMA/ 1h 200-SMA). On the flip side, the immediate support is seen at 0.7188 (Daily Low/ 50-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7161 (Dec 15 Low). ------- What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too. ------- For more information, read our latest forex news.