AUD/USD extends recovery beyond 100-DMA support

The overnight retreat in the AUD/USD pair from multi-week highs lost pace just ahead of 100-DMA support located at 0.7438, now pushing higher on the bids beyond 0.7450 levels.

AUD/USD: 0.7500 back on sight?

Currently, the AUD/USD pair advances +0.16% at 0.7463, having posted fresh session highs at 0.7469 in the last hour. The Aussie finds support from higher Australian stocks and renewed demand for oil prices, as the bulls ignore a slightly risk-off market profile amid looming Brexit vote.

Moreover, fresh selling seen in the greenback against its six major peers also led to a renewed rally in the Aussie. The US dollar remains under pressure across the board in response to the cautious tone on the rates decision maintained by Fed Chair Yellen, when she testified on the Semi-annual Monetary Policy Report before the Senate Banking Committee yesterday.

Looking ahead, amid a data-quiet trading session today, the focal point will remain on the developments surrounding the EU referendum, which will be held tomorrow.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7500 (round number) above which gains could be extended to the next hurdle located at 0.7550 (May 2016 levels). On the flip side, the immediate support located at 0.7438 (100-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7405/0.7381 (10 & 20-DMA).