AUD/USD stages a minor recovery to 100-DMA

Having dropped to a 7-week low on Tuesday, the AUD/USD pair attempted a tepid recovery on Wednesday and is currently hovering around 100-day SMA near 0.7480 region.

With the greenback shrugging-off fading hopes of an eventual Fed rate-hike action in September, the major on Tuesday fell sharply below August monthly lows and broke 100-day SMA support. The pair, however, managed to hold and stage a minor recovery from 0.7450 support area marking 50% Fibonacci retracement level of 0.7145-0.7756 up-move. 

Slight improvement in risk sentiment on Wednesday helped the pair to recover a part of Tuesday's heavy losses, despite of weaker consumer sentiment data released earlier during Asian session. 

Focus now shifts to a speech from RBA Assistant Governor Guy Debelle for fresh impetus ahead of import prices data from the US later during NA trading session. 

Technical levels to watch

From current levels, 0.7500 psychological mark is likely to act as immediate resistance above which the pair is likely to build on to its recovery move further 0.7540 horizontal resistance. Meanwhile on the downside, sustained weakness below 0.7450 support has the potential to drag the pair immediately towards the very important 200-day SMA support near 0.7400-0.7395 region.