AUD/USD jumps to 2-week high near 0.7600 handle

Having posted a session low at 0.7535, the AUD/USD pair resumed its near-term bullish momentum and turned higher for the third consecutive session.

Currently trading at a fresh session high around 0.7590 region, the pair has decisively cleared 50-day SMA immediate hurdle and is now just few pips away from reclaiming 0.7600 handle. Fading expectations of an eventual Fed rate-hike action has been the key factor driving demand for high-yielding currencies - like Aussie. 

However, despite of the recent soft US economic data, which forced investors to scale back expectations that the Fed will raise short-term rates, the central bank might still signal possibilities of a move in December, which might provide immediate respite for US Dollar bulls. 

Technical levels to watch

A sustained move above 0.7600 handle would open room for continuation of the pair's near-term upward trajectory, initially towards 0.7645-50 resistance and eventually towards recent daily closing high resistance near 0.7690-95 area.

Meanwhile on the downside, weakness back below 0.7580, and a subsequent break below 0.7565 horizontal support, now seems to find support near 0.7535 level. Only a decisive break below 0.7535 would negate possibilities of any further up-move and might trigger a fresh leg of weakness for the pair.