AUD/USD hits 7-day peak, fast approaching 0.7500 handle

The AUD/USD pair was seen building on to last week's recovery momentum from nearly 5-month low and is now aiming towards reclaiming 0.7500 psychological mark.

Currently trading at seven-day high near 0.7480-85 region, upbeat sentiment surrounding base metals, especially Copper, has been the key factor driving the major's recovery since the beginning of previous week. Adding to this, a broad based US Dollar retracement is further supporting the pair's bid tone for the third straight session. 

With December Fed rate-hike action fully priced-in, focus shifts to this week's key US macro data - the first revision of quarterly GDP growth and November monthly jobs report, which would provide fresh clues over the Fed's near-term monetary policy outlook (beyond December meeting) and help investors determine the next leg of directional move for the major. 

Technical levels to watch

Momentum above 0.7500 mark resistance is likely to get extended towards the very important 200-day SMA resistance near 0.7520 region above which the pair is likely to head towards its next major resistance near 0.7560 region. On the flip side, weakness below 0.7465 immediate support could drag the pair back towards session low support near 0.7435 region, which if broken might negate any near-term bullish bias and weaken the pair further towards 0.7400 round figure mark.