AUD/USD refreshes weekly tops, around mid-0.7500s

   •  A subdued USD demand/retracing US bond yields help build on recovery move.
   •  A follow-through technical buying above 0.75 handle supportive of the up-move.
   •  Looking to snap three consecutive weeks of losing streak and end on positive note.

The AUD/USD pair continued gaining some positive traction through the early European session and refreshed weekly tops, around mid-0.7500s in the last hour. 

Against the backdrop of Thursday's softer US CPI print, which now seems to have forced traders to pare bets of faster Fed rate hikes, a follow-through retracement in the US Treasury bond yields was seen underpinning demand for higher-yielding currencies - like the Aussie.

This coupled with some fresh technical buying, amid a subdued US Dollar price-action and following yesterday's decisive move back above the key 0.7500 psychological mark, could also be one of the factors behind the pair's ongoing recovery move. 

With today's up-move, marking the third straight session, the pair has now recovered around 140-pips from 11-month lows touched on Wednesday and might now be looking to snap three consecutive weeks of losing streak. 

In absence of any major market moving releases, the Prelim UoM Consumer Sentiment, a key highlight from today's US economic docket, might help traders grab some short-term opportunities later during the early NA session.

Technical levels to watch

A follow-through buying has the potential to continue lifting the pair further towards 0.7575-80 supply zone en-route the 0.7600 round figure mark. On the flip side, any meaningful retracement now seems to find some fresh buying near the 0.75 handle, which if broken might prompt some fresh selling and drag the pair back towards the 0.7470-65 support area.