AUD/USD has been charging aggressively higher since the open of London, initially dipping sub 0.7575 to grab some liquidity and trap some sellers, only to reverse the momentum for what has been, so far, a nearly half a cent run to the upside, touching its highest at 0.7625. Aussie thrives on risk, commodities bullish moves The 'risk on' environment has improved in European trade, also reflected in assets closely correlated to the Australian Dollar, such as Copper, the offshore Yuan (trading higher vs USD) or Oil, allowing a very constructive scenario for AUD bulls. The rise in the pair comes in line with the bullish outlook still being observed in both the CoT report, where leveraged accounts have been committed buyers for weeks, as well as options pricing, with the 25 Delta RR gap between calls/puts being reduced in the last trading day, suggesting that market makers in the options market don't expect much deeper retracements for today. AUD/USD technicals Valeria Bednarik, Chief Analyst at FXStreet, notes: "Technically, the daily chart shows that the pair has steadily posted higher highs and higher lows during the past three days, while advancing above a strongly bullish 20 SMA currently at 0.7400, whilst the technical indicators have barely corrected overbought readings, holding nearby. In the 4 hours chart, the technical indicators have resumed their advances after correcting extreme overbought readings, whilst the 20 SMA maintains a strong upward slope around 0.7565, the immediate support." For more information, read our latest forex news.