AUD/USD hits fresh 4-week high, now eyeing to reclaim 0.75 mark

The AUD/USD pair was seen building on to its momentum back above 50-day SMA and touched a fresh 4-week high.

Currently trading around 0.7475-80 band, the pair extended its winning streak for the fourth consecutive session amid broad based US Dollar slump on disappointment over lack of stimulus plans from Trump. 
Following his first news conference after winning the election, investors tempered their optimism over the aggressive fiscal stimulus policies and led to a sharp slide in the US treasury bond yields, which eventually provided an additional boost the higher-yielding currencies - like the Aussie. 

Meanwhile, positive sentiment surrounding commodity space, especially Copper, has also been supportive of the strong bid tone surrounding the major, which has now moved within striking distance of reclaiming 0.75 psychological mark. 

Later during NA session, the usual release of weekly jobless claims from the US and speeches from couple of Fed member, would now be looked upon for fresh impetus ahead of Chinese trade balance data during Asian session on Friday.

Technical levels to watch

Immediate resistance on the upside is pegged near 0.7500 psychological mark, nearing 100-day SMA, above which a fresh bout of short-covering is likely to lift the pair towards 0.7540 resistance with 0.7525 area acting as intermediate resistance. 

On the downside, weakness below 0.7460 level now seems to find strong support near 0.7435-30 region. Weakness below 0.7430 support might now be looked as a buying opportunity and hence, might limit any further downslide at 50-day SMA, resistance turned support, near 0.7415 region.