AUD/USD darting back towards 0.7500 mark
|The AUD/USD pair was seen building on to its recovery momentum and is now fast approaching 0.7500 psychological mark.
Currently trading around 0.7485 level, the pair has now reversed all of its minor losses recorded in the previous session, in wake of ECB decision-led renewed greenback strength. Earlier on Friday, the pair shrugged of upbeat Chinese CPI data and extended Thursday's rejection move from three-week high.
Having posted a session low near 0.7440 region, the pair caught fresh bids as upbeat sentiment around commodity market, especially Copper, was seen lending support to commodity-linked currencies - like the Aussie.
Being Australia's biggest trading partner, Chinese economic data would continue to influence the Australian Dollar and focus now shifts to next week's important macro releases from the world's second largest economy, scheduled during early Asian session on Tuesday ahead of the much awaited Fed monetary policy decision on Wednesday.
In the meantime, Prelim UoM US Consumer Sentiment would be looked upon for short-term trading opportunities during NA session on Friday.
Technical levels to watch
A convincing strength above 0.7500 mark, leading to a momentum above 0.7508 (yesterday's three week high), should continue boosting the pair further towards the very important 200-daySMA resistance near 0.7530 region. On the downside, renewed weakness below 0.7465-60 immediate support might now drag the pair, below session low support near 0.7440 level, towards testing weekly lows support near 0.7415-10 region ahead of 0.7400 round figure mark.
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