AUD/USD fades RBA-led spike, hits fresh session low

The AUD/USD pair faded RBA minutes-led bullish spike and turned sharply lower, reversing over 40-pips from session peak level of 0.7580.

Currently trading at a fresh session low around 0.7535 level, the pair ran through fresh offers and erased early gains led by minutes of the RBA meeting in November, which revealed central bank's neutral stance amid 'broadly balanced' inflation forecast and moderate pace of economic growth. 

The bullish momentum, however, turned out to be short-lived as renewed weakness in copper prices was seen weighing on commodity-linked currencies - like Aussie. Moreover, increasing odds of an eventual Fed rate-hike action in December is also denting demand for higher-yielding currencies and exerting selling pressure around the major.

Next in focus would be RBA Governor Philip Lowe's speech ahead of US economic data that includes monthly retail sales and Empire State Manufacturing Index, later during NA session.

Technical levels to watch

Immediate support is pegged near 0.7520, which if broken is likely to drag the pair immediately towards the very important 200-day SMA support near 0.7510 region before the pair eventually breaks through 0.7500 psychological mark. On the upside, 0.7555 level now seems to act as immediate hurdle above which could dart back towards session high resistance near 0.7580 level before attempting to test 100-day SMA resistance near 0.7595 region.