AUSD/USD turns lower, recovery capped at 0.7500 mark

The AUD/USD pair reversed tepid recovery gains to 0.7500 psychological mark and has now drifted back into negative territory amid renewed greenback buying interest. 

Currently trading around 0.7470 region, the pair failed to benefit from stable Australian unemployment rate that got negated by lower-than-expected number of employed people during the month of October. Moreover, continuous slide in commodity prices, especially Copper, is further denting demand for commodity-linked currencies, including Aussie. 

Furthermore, increasing bets for an eventual Fed rate-hike action in December continues to underpin the greenback and driving investors away from higher-yielding currencies - like Aussie. 

Later during NA session, focus would be on the release of key US macro data, including - CPI, housing data (building permits and housing starts) and Philly Fed Manufacturing Index. Also in focus would be Chair Janet Yellen's testimony before the Joint Economic Committee, which would drive investors' expectations over the next Fed monetary policy move and provide fresh impetus for the pair's next leg of directional move. 

Technical levels to watch

Weakness below 0.7460 (yesterday's low) is likely to accelerate the slide immediately towards Sept. monthly lows support near 0.7450-45 region, which if broken would open room for further near-term depreciating move for the pair. On the upside, any recovery attempts above 0.7500 handle might now confront resistance near 0.7510-15 region (200-day SMA) above which a bout of short-covering could lift the pair towards 0.7540 horizontal resistance.