AUD/USD through 50-DMA for the first time since late March, retakes 0.75 mark and beyond

The AUD/USD pair extended post-RBA up-move and has now managed to move beyond the 50-day SMA hurdle for the first time since late March.

The RBA on Tuesday decided to leave its monetary policy unchanged, which helped negate a big export numbers miss and triggered the initial leg of up-move for the major. 

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This coupled with persistent US Dollar selling interest, always backed by tumbling US treasury bond on fading expectations for additional Fed rate-hike moves in 2017, further drove flows towards higher-yielding currencies and lifted the pair back above the key 0.75 psychological mark, the highest level since May 25.

Meanwhile, traders seems to have largely ignored weaker sentiment surrounding commodity space, especially copper, which tends to derive demand for commodity-linked currencies, including the Australian Dollar, with broad based USD weakness driving the pair higher through early NA session.

In absence of any major market moving economic releases from the US, the pair remains at the mercy of broader market sentiment surrounding the greenback and the US bond yield dynamics.

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Technical levels to watch

Immediate resistance is now pegged at 0.7530 region (200-day SMA), above which the pair is likely to aim towards testing 100-day SMA hurdle near 0.7555 region.

On the downside, retracement back below the 0.7500 handle, leading to a weakness below 0.7485 level, now seems to drag the pair below session lows support near 0.7460-55 region towards its next support near 0.7430 area.