AUD/USD tumbles to 0.7600 handle after US economic data

Following the release of upbeat US economic data, the AUD/USD pair accelerated its downfall and plunged to currently trade near session low near 0.7600 handle.

The US Dollar gained traction after strong reading from monthly retail sales and industrial production data that was accompanied by mostly in-line with estimates US CPI print. A slew of better-than-expected US economic releases provided the much needed respite for the greenback, which has been weighed down by improving investor risk appetite for riskier assets and high-yielding currencies - like the Aussie.

Earlier on Friday, the pair spike to its highest level since early May on slightly better-than-expected Chinese GDP and industrial production data. The bullish spike, however, was short-lived and the pair turned neutral as traders might have been inclined to lock-in some profits ahead of a weekend.

Technical levels to watch

Below 0.7600 handle, the pair could immediately drop to test 0.7570-65 support, which if broken seems to drag the pair below 0.7500 psychological mark, towards testing 100-day SMA support near 0.7475 region. On the flip side, 0.7630 level seems to provide some immediate resistance, above which the pair seems all set to extend its near-term bullish trajectory immediately towards 0.7670-75 resistance, ahead of its next major resistance near 0.7745-50 area.