AUD/USD aiming to reclaim 0.7600 handle in pre-Fed action

The AUD/USD pair extended previous session's rebound from the very important 200-daySMA support and jumped to fresh session peak during early European session.

Currently trading around 0.7585-90 region, the pair is now attempting to build on to its momentum above 50-day SMA hurdle and reclaim the 0.7600 handle amid pre-Fed mildly weaker sentiment surronding the US Dollar. A subdued action around the US treasury bond yields has failed to lend any support to the greenback and is seen benefiting higher-yielding currencies - like the Aussie. 

Meanwhile, a positive trading around commodity space, especially copper, is further boosting demand for commodity-linked currencies, including the Australian Dollar, and collaborating to the strong bid tone surrounding the major. 

Moving ahead, traders now look forward to the US economic docket, featuring the release of CPI print, monthly retail sales and Empire State manufacturing index, for some short-term trading impetus. However, the much anticipated FOMC decision would remain in spotlight and would help investors to determine the next leg of directional move for the major.

Technical levels to watch

Immediate resistance is pegged near 0.7595-0.7600 region, which if cleared is likely to accelerate the up-move towards 0.7630-35 horizontal resistance en-route 0.7655-60 strong hurdle. 

On the downside, retracement back below 0.7555-50 immediate support could get extended towards 0.7535 region (200-day SMA support), which if broken decisively has the potential to drag the pair back towards the key 0.7500 psychological mark.