FxWirePro: AUD/USD bulls reclaim momentum in bid for 0.6750 level

• AUD/USD rose higher on Monday as renewed worries about the U.S. Federal Reserve’s independence weighed on the dollar

•  Investors were spooked after Powell said the Trump administration had sought to intimidate him with criminal charges and subpoenas, calling it a tactic to force the Fed to ease monetary policy.

•On the data front, Australian household spending rose strongly for a second straight month in November, boosted by Black Friday discounts, concerts and sporting events, signalling growing economic momentum.

• ABS data showed the Monthly Household Spending Indicator rose 1.0% in November to A$79.4 billion ($53.17 billion), following a revised 1.4% surge in October.

•  Separate data showed, ANZ Job Advertisements fell 0.5% in December, after a downwardly revised 1.5% decline in November.

•  Immediate resistance is located at 0.6726(23.6%fib), any close above will push the pair towards 0.6775 (Higher BB).

•  Support is seen at 0.6677 (SMA 20) and break below could take the pair towards 0.6656(38.2%fib)

Recommendation: Good to buy  around 0.6700 with stop loss of 0.6650, and target price of 0.6750