AUD/USD bounces off 100-DMA, holding minor gains ahead of US data

Having posted a session low near 200-day SMA support, the AUD/USD pair caught some fresh bids and is now placed at session tops near 0.7575 level.

The pair traded with some gains for the fifth consecutive session and the up-tick in the past hour or so could be solely attributed to a mildly softer tone surrounding the US Dollar. It, however, remains to be seen if the pair is able to attract any follow through buying interest amid holiday thinned liquidity conditions. 

Moreover, cautiousness ahead of the key US macro releases might also collaborated towards restricting further upside, at least for the time being. Nevertheless, the pair still seems all set to snap three consecutive weeks of losing streak and end on a positive note for the first time since mid-March. 

Investors focus remains glued to the release of CPI and monthly retails sales data from the US and a larger deviation from consensus estimates has the potential to infuse a fresh bout of volatility in the FX market.

   •  US: Consumer prices and retail sales in focus - BBH

Technical levels to watch

Bulls would be eyeing for a decisive move through the 0.7600 handle, above which the pair is likely to head towards testing 50-day SMA hurdle near 0.7625 region ahead of 0.7665 horizontal resistance.

On the downside, a follow through retracement below 100-day SMA support near 0.7555 region seems to accelerate the slide towards 0.7530-25 support, en-route the key 0.75 psychological mark.