AUD/USD consolidating Thursday’s move back above 100-DMA

The AUD/USD pair was seen consolidating Thursday's move back above 100-day SMA and remained well supported at 0.7500 psychological mark. 

Currently trading flat around 0.7515 level, benefitted on Thursday from disappointing release of US monthly retail sales that has now diminished prospects of a Fed rate-hike action next week and is supporting demand for high-yielding currencies - like Aussie. 

From technical perspective, the pair rebounded from 0.7450-45 support area marking 50% Fibonacci retracement level of 0.7145-0.7756 and is now hovering around 38.2% Fibonacci retracement level. 

Next in focus would be US CPI release and Prelim UoM Consumer Sentiment index, later during NA trading session, which would provide fresh impetus for the next leg of move for the pair on Friday.

Technical levels to watch

Immediate upside resistance is seen at 0.7530 level above which the pair seems to head back towards 50-day SMA resistance near 0.7580 region with 0.7565 level acting as intermediate resistance.

Meanwhile on the downside, 100-day SMA near 0.7475 region becomes immediate support below 0.7500 mark. A follow through selling pressure below 100-day SMA is likely to turn the pair vulnerable to break through weekly lows support near 0.7450-45 region and aim towards testing the very important 200-day SMA support near 0.7400 handle.