AUD/USD offered above 0.7700, drops to lows near 0.7680

The AUD/USD pair failed to resist above 0.77 handle and turned in the Asian session, now heading for a test of NY low reached at 0.7671.

AUD/USD weaker below 0.77 handle

Currently, the AUD/USD pair trades -0.16% lower at 0.7683, meandering near session lows struck at 0.7678 some minutes ago. The major stalled a 2-day rally and came under fresh selling pressure this session, in response to fresh buying interest seen around the US dollar versus its major peers. The greenback makes recovery attempts following yesterday’s sharp decline to two-month troughs.

Moreover, weaker commodities’ prices also weigh down on the resource linked Aussie, with oil prices down nearly -0.50%, while gold prices drop -0.25%. Looking ahead, markets continue to assess mixed US macro data heading into the FOMC minutes release due later in the American session. While focus also remains on the Aus employment data due tomorrow.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7700 (round figure) above which gains could be extended to the next hurdle located at 0.7725/48 (Aug 12 high/ daily R1). On the flip side, the immediate support located at 0.7618/0.7600 (20-DMA/ round figure). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7551 (50-DMA).