AUD/USD slides to session low ahead of US data

Having posted a session high at 0.7585 level, the AUD/USD pair came under renewed selling pressure and traded with bearish bias for the third consecutive session.

Currently trading around 0.7540 region, testing session lows, a modest greenback recovery, with the key US Dollar Index rebounding from 7-week lows, was enough to reverse part of the pair's rebound move from Wednesday's weekly lows touched in the aftermath of disappointing Australian CPI print. 

Apart from the broad based greenback recovery, a fresh leg of up-tick in the US treasury bond yields is also driving flows away from the higher-yielding currency - Aussie. 

Next in focus would be the US economic releases, including weekly jobless claims and new homes sales data, which could help traders to grab some short-term trading opportunities ahead of Friday's quarterly GDP growth number from the US.

Technical levels to watch

Immediate downside support is seen near 0.7520-15 area below which the pair is likely to retest 200-day SMA support near 0.7500 handle before heading towards 0.7475 horizontal support. On the upside, 0.7580 level now seems to have emerged as immediate resistance, which if cleared might now lift the pair beyond 0.7600 handle towards its next major hurdle near 0.7640-50 region.