AUD/USD: Fighting hard to regain 5-DMA amid thin markets

The bulls lack impetus amid holiday-thinned markets, and hence, the AUD/USD pair is seen trying hard to take on the recovery above 5-DMA located at 0.7658.

AUD/USD bounces-off 0.7640

Currently, the AUD/USD pair trades -0.08% lower at 0.7653, having found support just ahead of 0.7640 levels. Having failed several upside attempts near 0.7670 region, the AUD/USD pair fell back in the red below 10-DMA, before recovering some ground to re-take 5-DMA barrier.

The Aussie wavers in a tight range, despite a better risk environment amid rebound in the global equities, as low volumes and limited volatility keep the prices in check. Most major Asian markets are closed on a public holiday.

Going forward, we have a Big week ahead of the AUD, with the RBA decision due tomorrow, and a host of key Australian macro data due later this week. In the meantime, markets now await the US manufacturing data and Fed speaks due later in the NA session today, for further momentum. While markets digest upbeat Australian MI and AIG manufacturing data released earlier on the day.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7677 (daily R2) above which gains could be extended to the next hurdle located at 0.7713 (3-week high) and 0.7736 (Sept 8 high). On the flip side, the immediate support located at 0.7606 (50-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7587 (20-DMA) and below that at 0.7551 (100-DMA).