FXStreet (Córdoba) - The Australian dollar picked up momentum and climbed to fresh daily highs against the greenback at the beginning of the American session as commodities take back some losses. AUD/USD bounced from a 2-week low of 0.7159 scored during the Asian session, and has advanced more than 80 pips over the last hours, hitting a high of 0.7243 in recent dealings. At time of writing, AUD/USD is trading at 0.7235, up 0.64% on the day. From a wider view, AUD/USD was on recovery mode from multi-year lows in the lower 0.6900s but the upside has remained capped ahead of 0.7400 in two occasions over the last weeks. While market attention turns to the Federal Reserve meeting, a series of data will be publish in Australia including RBA meeting minutes. AUD/USD levels to watch In terms of technical levels, immediate resistances could be faced at 0.7334/40 (Dec 10 & 7 highs), 0.7385 (Dec 4 high) and then 0.7400 (psychological level). On the other hand, supports are seen at 0.7190 (100-day SMA), 0.7159 (Dec 14, Nov 23 lows) and 0.7102/00 (Nov 19 low/psychological level). ------- 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.