AUD/USD spiked in line with a broad based dollar sell-off, but the momentum stalled near 10-DMA level of 0.7555.
Supported by 50% Fibo
Pair jumped from 0.7495 (50% of 0.8163-0.6827) and extended gains to a high of 0.7558 in the US session following the dismal personal spending release.
However, the spot has trimmed gains to trade around 0.7545 as the bullish move stalled following the US pending home sales growth came-in at 3.5%, bettering the estimate of 1.1%. Still, the greenback remains on a back foot amid holiday thinned trade.
AUD/USD Technical Levels
The immediate hurdle is noted at 0.7555 (10-DMA), above which the pair could target 0.7594 (Mar 14 high). On the other hand, a breakdown of immediate support at 0.7495 (50% of 0.8163-0.6827) would open doors for a drop to 0.7445 (Mar 15 low).
(Market News Provided by FXstreet)