AUD/USD corrects slightly from Aus GDP big miss-led slump

The AUD/USD pair is seen making minor-recovery attempts on 0.74 handle, now pushing the rate further towards 0.7450 levels, as markets move past an unexpected contraction seen in the Australian Q3 growth figures.

AUD/USD sees 60-pips slide on poor GDP

Currently, the AUD/USD pair trades -0.34% lower at 0.7436, recovering from two-day lows of 0.7417 reached post-GDP release. The Aussie trims losses, although remains heavily offered, as the bears retain control on resurgence of RBA rate cut bets, following the release of worse-than expected drop in the Australian Q3 GDP report.  Australia's Q3 GDP: Huge miss on expectations, first contraction in 5 years

After yesterday’s rates-on hold decision by the RBA, markets had started to believe that the central bank may change its monetary policy course in next year, and could go for a rate hike amid optimistic economic outlook.

Meanwhile, ongoing broad weakness in the greenback is aiding the recovery in the AUD/USD pair, as focus now shifts towards the US economic data due later in the NA session.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7505 (Nov 17 high) above which gains could be extended to the next hurdle located 0.7575 (Nov 16 high) and 0.7600 (zero figure). On the flip side, the immediate support located 0.7400 (round number). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7385 (key support) and below that at 0.7366 (Dec 1 low).