The AUD / USD pair once again faced rejection at 0.7550 region and rebound early recovery faded for trade currently near the minimum level of the session back below 0.7500 handle.
The couple received an early boost despite the monthly credit data private sector disappointing quarterly and PPI reading. The on-movement was mainly led by a weaker general, which fell sharply on the back of intense selling pressure against its Japanese counterpart terms US dollar, as markets seemed disappointed by the monetary policy decision Bank of Japan.
Meanwhile, increasing the prospects of further monetary easing by RBA continues to weigh on the Australian dollar and further restricted the upside for AUD / USD important.
Markets now await the release of US GDP print later during the NA session, which is expected to show annualized growth rate of 2.6% during the second quarter of 2016.
Trade of Gross Domestic Product of the United States – July 29 GDP Live Coverage
Technical levels to see
From current levels, it is likely to drag the pair immediately to support 50-day SMA around 0.7430 to 25 area, below which the pair seems vulnerable weakness below support 100-day SMA near of 0.7485 region to continue to drift lower towards proving its next major support marked by 200-Day SMA, currently near 0.7325 level.
On the other hand, 7540-50 area now seems to have emerged as a strong immediate resistance. Only a sustained move above this strong resistance might negate bearish outlook in the short term and seems to lift the pair back towards, 7600-20 strong resistance.