AUD/USD spikes to fresh session peak at 0.7580 level

A fresh wave of greenback selling pressure seems to have emerged during early NA session, with the AUD/USD pair regaining traction to hit a fresh session peak.

Currently trading around 0.7575 region, broad based US Dollar weakness helped the pair to extend its near-term recovery back above the very important 200-day SMA. Disappointment from Friday's inaugural speech by the US President Donald Trump triggered a sharp slide in the US treasury bond yields and continues to benefit higher-yielding currencies - like the Aussie, lifting the pair back closer to over two-month tops touched last week on Friday. 

Meanwhile, subdued performance in the commodity space, with copper giving up majority of its daily gains, has failed to lend any additional support. In absence of any fresh fundamental drivers, in-terms of any economic releases, the US Dollar price-dynamics remains the exclusive driver of the pair's movement on Monday. 

Technical levels to watch

From current levels, 0.7600 handle is likely to act as immediate resistance above which the pair is likely to aim towards 0.7645-50 hurdle with 0.7615-20 region acting as intermediate resistance. On the flip side, 0.7555-50 area now becomes immediate support to defend, which if broken would accelerate the slide towards 0.7520-15 support (Friday's low), en-route 200-day SMA support near 0.7500 psychological mark.