AUD/USD back above 0.74, bulls looking for a further leg up

• The Aussie marks in a positive day for Tuesday, and China PMIs now lay in the path ahead.
• AUD traders will be keeping an eye out for Thursday's Trade Balance Figures for Australia.

The AUD/USD is trading near 0.7425 after catching some lift on Tuesday's action following a better-than-expected showing for Aussie Building Permit figures which helped prop the AUD up against the Greenback.

The Australian Building Permit figures on Tuesday clocked in at a healthy 6.4%, far above the 0.0% expectation and reversing the previous period's contraction of -3.2%, allowing the AUD to catch a leg higher and disregard potential losses from the AIG Performance of Manufacturing Index for July, which slipped from 57.4 to 52.0 in the late Tuesday session.

Early Thursday will be seeing Trade Balance figures for Australia at 01:30 GMT, which is expected to clip higher to $900 million from the previous showing of $827 million, and Aussie bulls will be hoping for a good read in the underlying Import and Export numbers in order to keep a push higher on the rails, though Cina Caixin PMI figures due for Tuesday at 01:45 GMT are sure to have an impact on the AUD in knock-on action.

AUD/USD Levels to watch

The AUD/USD pairing remains in a tense technical position despite Tuesday's lift, and as FXStreet's own Valeria Bednarik noted, "the short-term picture for the pair is barely positive, as the price remains within familiar levels, but at least at the time being is advancing above a congestion of moving averages, while technical indicators lost upward strength, the Momentum already heading lower and the RSI flat at around 61."

Support levels: 0.7370 0.7330 0.7300     

Resistance levels: 0.7445 0.7490 0.7520