AUD/USD continues to find some support ahead of 0.76 handle

After yesterday's tepid recovery bounce, the AUD/USD pair came under some renewed selling pressure on Thursday and dropped back to weekly lows support near the 0.7610-05 region. 

The pair, however, has managed to rebound from the said support and is currently trading around 0.7620-25 band. Today's release of Australia's NAB business confidence index, coming-in at 5 in Q4 vs 6 in Q3, extended little support, while resumption of the US Dollar's near-term recovery move attracted some fresh selling pressure around the major. 

Meanwhile, a mildly positive sentiment around commodity space, especially copper, was seen lending support to commodity-linked currencies, including the Aussie, and limited the downslide just above 0.7600 handle. 

It, however, remains to be seen if the pair continues holding the aforesaid support ahead of today's release of usual weekly jobless claims data from the US and, the release of RBA Monetary Policy Statement and Chinese trade balance data during early Asian session on Friday. 

Technical levels to watch

On a sustained weakness below 0.7610-05 immediate support, the pair is likely to accelerate the slide towards 0.7555-50 horizontal support with some intermediate support near 0.7580 region. On the flip side, 0.7650-55 area remains immediate strong resistance, which if cleared decisively seems to lift the pair towards 0.7700 handle before aiming towards Nov. 2016 daily closing highs resistance near 0.7745-50 region.