AUD/USD is testing the upside looking to break 0.7400 although with support coming in from a bullish advance down at 0.7339, albeit showing signs of consolidation.AUD/USD has been on the bid this week, despite the increase of volatility and ever changing risk appetite. Markets have discounted a move from the Fed this summer and that is giving rise to investors seeking yield with the Aussie holding the carry benefit while the RBA remains on hold and vigilant. " This lends further support to AUD/USD which had already bounced on the RBA's neutral statement. But, it is hard to make the case for fresh longs above 0.75 so long as the Fed and RBA do head in the opposite direction in Q3," suggested analyst at Westpac.AUD/USD levelsValeria Bednarik, chief analyst at FXStreet noted that the recent rally stalled a handful of pips below a major static resistance level, the 38.2% retracement of this year's rally at 0.7450, still the level to break to confirm a new leg higher. "Below 0.7370 on the other hand, the risk turns back lower, with scope to extend its decline down to 0.7280."