AUD/USD attempting a fresh up-move towards 0.7500 handle

Following a sharp reversal on Tuesday, the AUD/USD pair seems to make a fresh attempt to regain its bullish momentum and is currently trading at session high level near 0.7470.

On Tuesday, the pair was building on to its Monday's bullish price-gap above 100-day SMA but once again failed to sustain its strength above 0.7500 handle after the latest IG Survation Brexit poll showed narrowing gap between stay and remain camps.

A fresh bout of US Dollar selling on Wednesday is seen extending support for commodities and commodity-linked currencies - like the Australian Dollar, as the Fed Chair Janet Yellen maintained cautious stance on future Fed rate-hike decision. 

Meanwhile, developments surrounding Thursday's crucial Brexit referendum might continue to drive investor sentiment and provide cues for short-term momentum for the pair.

Technical levels to watch

From current levels, only a sustained move above 0.7500 handle could open room for further appreciating move for the pair. Above 0.7500 resistance, the pair is likely to extend the bullish momentum immediately towards 0.7550 intermediate resistance before heading further towards its next major resistance around 0.7595-0.7600 round figure mark.

On the flip side, 0.7450 level now seems to protect immediate downside and is followed by a strong resistance turned important support at 100-day SMA, around 0.7410-0.7400 region. Sustained weakness below 100-day SMA would trigger resumption of the pair’s near-term downward trajectory and the pair could immediately drop towards testing 0.7330-20 support area before extending its decline further in the near-term.