FXStreet (Mumbai) - The AUD/USD’s recovery from more than two-week lows gains further traction as we progress towards the mid-European session, with the bulls now aiming to take-out 20-DMA (0.7249) for further upside. AUD/USD flirting with daily R2 Currently, the AUD/USD pair trades 0.43% higher at fresh session highs of 0.7222, having found good support at 0.7200. The Aussie keeps pushing higher this session, completely unperturbed by the renewed weakness witnessed in the commodities space while also stands resilient to the broad based US dollar strength. Gold futures on Comex are losing -0.70% to 1067 levels and the US Oil extends to the downside, dropping -0.55% to $ 35.40/ barrel while copper prices are down -0.40% at 2.10 levels. Although, renewed optimism seen on the European indices appear to boost the demand for higher yielding currencies such as the AUD, thereby, keeping AUD/USD underpinned. ------- 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. ------- AUD/USD Levels to watch The pair trades above 0.72 handle with the immediate resistance located at 0.7249 (20-SMA) above which gains could be extended to the next hurdle located at 0.7272 (1h 200-DMA). On the flip side, the immediate support is seen at 0.7158/57 (100-DMA/ Nov 23 Low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7129 (daily S2). For more information, read our latest forex news.